David Bailey with Goldman Sachs conducted retail checks on Black Friday and found good reason to set a "buy" rating on Apple stock, according to the FP Trading Desk at Canadais National Post on Tuesday.
"We would continue to buy Apple shares heading into MacWorld and its earnings announcement in mid-January as Apple?s three major product cycles ? Mac, iPod, and iPhone ? fuel upside," Mr. Bailey told his clients in a note.
Mr. Bailey was also positive about the earnings growth of Hewlett-Packard and for storage vendors Seagate and Western Digital. "Hard drives are the ?hot? PC accessory this holiday season, and Seagate and Western Digital dominate the category," he said.
After a several week slump, driven by overall concerns about the U.S. economy and consumer buying for the holidays, AAPL inched above US$180, now at $180.04 just prior to market close, up $5.23 for the day.
In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.