SG Cowen analysts Richard Chu and Kerwin Kam short term outlook for Apple stock growth is cautious, and downgraded its stock opinion to neutral. Consumer PC buyers, the firm noted, are currently less likely to buy right now than three months ago. SG Cowen conducted a quarterly survey of 1000 consumers, and found that 49% had no plans to purchase a computer in the next 12 months, up from 40% in July.
Mr. Chu and Mr. Kam noted "All that said, however, we believe that on balance, there is reason to be incrementally more cautious on the stock here."
The survey showed strengthening interest in the iPod, while interest in other portable music players is declining. Appleis pending switch to Intel processors should also help increase Mac market share. The firm also expects Appleis "One More Thing..." product launch on October 12 is likely to have a positive near term impact on the company stock.
Despite the cautious outlook, Apple shares rose 45% since July. This morning Apple stock is trading lower at 50.98, down 0.72 (1.39%).