Piper Jaffray Maintains “Overweight” on Apple Inc. (NASDAQ:AAPL)
November 19, 2009 1:05 PM
Today, Piper Jaffray maintained its “Overweight” rating on Apple Inc. (NASDAQ: AAPL) with a price target of $277 after Digitimes is reporting this morning that an Apple tablet product launch will be postponed from first half of 2010 to the second half of 2010.
The Firm Said “At this point we cannot confirm or deny the validity of this report, but believe the exact timing is irrelevant given Street models do not currently reflect the tablet, expectations for actual units in 2010 are low, and investors focus is more on whether the tablet is real and less on timing.”
The Firm further added that “For purposes of sensitivity, assuming the tablet comes out on September 1, we believe Apple would sell around 650,000 units at a $600 ASP in CY10 and would equate to an increase of about 1% to revenue.”
Today, AAPL shares have fallen 1.92% to $202.04.
