Barclays Capital Maintains Buy Rating for AAPL
Barclays Capital Maintains Buy Rating for AAPL
by , 12:15 PM EDT, October 7th, 2008
Ben Reitzes with Barclays Capital is maintaining his 1-Overweight rating (Buy) for AAPL. Even though weak economic conditions have led to a deterioration of Apple's share price, Mr. Reitzes believes the value of Apple's stock at current prices is compelling.
In a note to investors on Tuesday, obtained by TMO, Ben Reitzes provided the following summary.
- NPD weekly US data suggests Apple's iPod sales for C3Q thru 9/27 were +8% y/y (3 pts ahead of the overall MP3 market), however sales in recent weeks appears to have slowed and turned negative according to the data.
- Most major Apple products are shipping w/in 24hrs on Apple.com, w/the exception of the 1.8 GHz MacBook Air, the 3.06 GHz iMac, the new 8GB iPod Touch & the new 32 GB iPod Touch.
- At Best Buy, the new nanos remain largely in stock, but the iPod Touch continues to show some availability soft spots both at retail stores and online. The 16 GB & 32 GB Touch models are currently "sold out" on bestbuy.com w/ the 8 GB version "backordered" 1-2 weeks.
- As of October 6, Apple held 9 of the top 10 MP3 player slots on Amazon.com.
Mr. Reitzes set his target price for AAPL at US$135.00.
On September 30, Lehman Brothers' equity research department relaunched under the Barclays Capital banner with Mr. Reitzes remaining the sector analyst for Apple.
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.
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