Piper Jaffray analyst Gene Munster on Tuesday released a brief research report in which he said that the new products unveiled by CEO Steve Jobs "show continued innovation, but [are] likely not materially additive to FY06 [fiscal year 2006, which ends on Sept. 30]." He noted that while he did not have the new products factored into his financial model, "the Street was generally looking for more product releases, or at least more significant products to be announced."
The new Intel-based Mac mini, which means half of Appleis computer products now feature the new processors, "is another step towards making the Mac mini a home media center hub," Mr. Munster wrote. "We believe the eventual integration of AirPort for wireless video transfer will provide Apple with all the pieces to make a push into the living room." Both new Mac mini computers actually come with AirPort built-in -- The Mac Observer has requested clarification on that point and will update this article.
Regarding the new iPod HiFi, the analyst noted that other iPod speaker systems are in the US$200-$300 range. "Between the iPod Hi-Fi and some new iPod cases, it appears Apple is trying to directly capture more of the revenue that is being generated by the iiPod economyi that the company has created," Mr. Munster wrote.
He kept his "Outperform" rating on Appleis stock, with a $103 price target. With 10 minutes to go in the trading day on Tuesday, the companyis shares were selling for $68.64, down 3.31% on the day, presumably in reaction to what many feel was a lackluster media event. In the morning, the stock spiked just above $72, up a bit from its previous close of $70.99, and then went into steady decline as the day wore on and investors digested Appleis latest news.