Piper Jaffray analyst Gene Munster on Wednesday issued a research report in reaction to Appleis introduction of a new US$899 iMac that replaces the now-defunct eMac. While the new iMac is a stripped-down version of the $1,199 entry-level consumer-oriented iMac, Mr. Munster sees it as "a catalyst for gaining market share in the education market."
He added: "Our take is the educational market K-University will view the $899 iMac as a meaningful jump in price-to-performance over the $799 eMac of a year ago."
Mr. Munster retained his "Outperform" rating on Appleis stock, with a $99 price target. At 1:33 PM EST on Wednesday, the companyis shares were selling for $56.88, down 1.85% for the day. The stock has been trading in the mid-to-upper $50s since falling below the $60 mark in early June. Barring a major product announcement before then, Appleis July 19 earnings announcement may be the next time the stock sees meaningful movement.