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Banc of America Lowers Apple Price
by , 8:00 AM EST, January 30th, 2006
Banc of America Securities (BoFA) has lowered its target price for Apple's stock from US$85 to $82 based on concerns about lower iPod manufacturing levels. According to MarketWatch, Apple will not be producing as many iPods in the fiscal second and third quarters as it did during the first. BoFA analyst, Keith Bachman, commented "At this point, we are not clear if the heavy ship out of the last week of December or weaker-than-expected demand are the reasons."
Mr. Bachman is also concerned about sales for the Macintosh product line, feeling that sales have been slower than anticipated leading up to the release of Intel-based models. Shipments of the new MacBook Pro are expected to be limited in March since the PowerBook replacement doesn't start shipping until February.
BoFA is also reducing its central processing estimate for March from 1.22 million units to 1.19 million.
Apple is currently trading in the pre-market at $71.88, down 0.15 (0.21%).
If you are interested in Apple's stock, join our forum members in the Apple Finance Boards, a moderated forum for Apple Investors and people who are interested in Apple's financial dealings. For other stories regarding Apple's stock activity, visit our updated Apple Stock Watch Special Report.
Observer Comments
Mon Jan 30, 2006 10:34 am Subject: Banc, Banq, and Bank
Quotegeoduck wrote:
Anyone know why it's
Bank of America but
Banc of America, Securities and
Banc of America, Investment Services?
It has something to do with a law that requires that the word "bank" only be used for suuch, i.e. a bank with checking and savings and a vault and all that. Whereas banc and banq must be used if there is no real "bank" involved. BoA most likely wanted to convey the "brand" but can't legally call their investment divisions "bank".
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