AAPL: dichiaro guerra....

January 28, 2009, 12:12 pm

For much of last year, AT&T (T) Mobility’s websites seemed to be promoting every cell phone in their arsenal except for the iPhone — as if the company wasn’t sure the revenue coming in from iPhone users was worth the steep bounty it was paying Apple (AAPL) for each sale.
No more.
Today when you visit its website, a promo for the iPhone 3G (”Now Available Online!”) is often the first thing that pops up — and based on the fourth quarter results the company released Wednesday, you can see why.
The iPhone is still an expensive proposition for AT&T. The kickback to Apple — between $288 and $432 per phone over the life of a 2-year contract, according to various estimates — and the $450 million the company says it spent last quarter on network upgrades to provide high-speed 3G coverage, contributed significantly to the 23% year-to-year decline in AT&T’s quarterly net income (to $2.4 billion from $3.1 billion).
On the other hand, Q4 revenues were up 2.4% (to $31.1 billion) in a tough economic climate thanks to results in the wireless division that CEO Randall Stephenson attributed largely to the iPhone.
“The success of our iPhone 3G launch has driven wireless growth and helped redefine the wireless data space,” he said in a press release.

How did the iPhone do that? Let us count the ways:
  1. AT&T has activated 4.3 million iPhone 3Gs since its launch, 1.9 million in Q4 alone — more than double its iPhone activations one year earlier.
  2. The average revenue from Phone users is 60% higher than the typical AT&T customer — thanks to that $30 per month data fee — and their heavy use of Web services helped drive AT&T wireless data use up 51.2% year to year.
  3. About 40% of the iPhone activations this quarter were new AT&T customers, either buying their first cellphone or switching from another carrier.
  4. The churn rate — the percentage of customers who drop AT&T’s service — among iPhone owners is significantly lower than the rest of the network, sharply reducing marketing costs.
....
http://apple20.blogs.fortune.cnn.com/2009/01/28/why-att-loves-the-iphone-again/?source=yahoo_quote
 
February 4, 2009, 10:59 am
Apple: Cheap iPhone a $7B Opportunity, Says Bernstein

Posted by T. Ray
Apple’s iPhone sells increasingly more units the cheaper it gets, and therefore Apple should offer a really cheap version that doesn’t require a cellular data contract, in the opinion of Toni Sacconaghi with Sanford Bernstein, in a note to clients this morning.
Says Sacconaghi, the iPhone’s biggest limiting factor is the cost to consumers of adding a data plan to a cell contract, pushing monthly costs above $70. Without a data plan-free phone, Apple is confining itself to the smartphone market, just 17% of the total worldwide cellular handset market, writes Sacconaghi. (Mind you, smartphones are estimated to represent units of 225 million this year – not bad if you could get a decent portion of such a niche.)
Moreover, the standalone music player will go away over time, predicts Sacconaghi, and to replace that device, Apple needs a broader range of iPhones at different prices. “Apple’s more than 100 million iPod users give the company a huge opportunity to capture significant market share in the mobile device market, if it can successfully migrate these users to the iPhone. To do this, we believe Apple needs more mainstream iPhone models.”
Sacconaghi mentions two different approaches Apple could take that have been tossed around in conversations on the matter in recent months, one being an iPhone “Nano,” just a smaller version of the iPhone with a focus on music and little emphasis on email or Web browsing; the other being an “iPhone Touch,” which would be like the iPod Touch with a cellular radio but without the faster 3G capability and without the GPS positioning hardware. Apple could produce either one with gross profit close to the current iPhone’s 50% at a lower price to the consumer, he thinks.
And the payoff to AAPL? Assuming 3% market share of the global cellular handset market, and assuming such a phone replaces, or cannibalizes 60% of iPod sales, he sees the company adding $7 billion in revenues and $4 billion in gross profit annually.
Sacconaghi has an “Outperform” rating on Apple shares and a price target of $135.
...

http://blogs.barrons.com/techtrader...r-iphone-could-add-7b-to-revs-says-bernstein/
 
Last update: 10:51 a.m. EST Feb. 9, 2009



SAN FRANCISCO (MarketWatch) -- Apple Inc. (AAPL $102.51, +2.8%) shares reached a two-month-high Monday, rising $2.58, or 2.6%, to $102.33. Shortly after the market opened. FTN Equity Capital analyst Bill Fearnley raised his rating on Apple's stock to buy from neutral and set a price target of $140 on the company's shares. Fearnley said that any product disruptions by the potential departure of Chief Executive Steve Jobs "will be smaller than we previously thought," and that Apple's Macintosh PCs continue to gain market share against Microsoft Corp.'s [msft] Windows Vista systems.

http://www.marketwatch.com/News/Sto...x?guid={C673F16A-464A-44A4-A6DD-68C24A00C6E3}
 
April 9, 2009, 9:47 am
Apple: Credit Suisse Ups Ests On Better Mac, iPhone Sales


Credit Suisse analyst Bill Shope this morning boosted his estimates for Apple (AAPL), asserting that demand for both Macs and iPhones held up better than he feared in the March quarter.
For the March quarter, he now sees revenue of $7.76 billion and profits of $1.09 a share; his previous forecast was for $7.44 billion and 97 cents. Shope notes that he is now closer to the consensus at $7.95 billion and $1.08. For the September 2009 fiscal year, he now sees $34.54 billion and $5.11 a share, up from $33.17 billion and $4.89. Again, he’s now closer to the Street at $35.28 billion and $5.19.
...

"we believe Apple’s shares remain attractive, particularly when considering its cash per share and healthy cash flow generation,” he writes.
Shope boosted his price target on the stock to $133, from $120, and maintains his Outperform rating.

http://blogs.barrons.com/techtrader...t-suisse-ups-ests-on-better-mac-iphone-sales/

Credit Suisse ha alzato a $133 (da 120) il prezzo obbiettivo per AAPL
 
April 13, 2009, 10:34 am
Apple: Kaufman, Caris Analysts Up Targets
Posted by E. Savitz


Apple (AAPL) shares this morning were the subject of a pair of highly enthusiastic research notes.
  • Kaufman Bros. analyst Shaw Wu this morning repeated his Buy rating and upped his price target to $152 from $120. “The bottom line is that even through Apple greatly outperformed, up 45% since late November vs. a 20% return in the Nasdaq and 7% in the S&P 500, we believe there is still room for sizable upside as investors gain more confidence and AAPL trades closer to its normal 20x-25x multiple,” he writes. Wu sees several potential catalysts ahead for the stock, include the upcoming Worldwide Developers Conference in June, the launch of Snow Leopard, and the debut of a new form factor, possibly “Apple’s answer to the netbook.” He says the shares also could get a boost from lower cost service plans for the iPhone and an AppleTV update.
  • Caris & Co.’s Robert Cihra today likewise repeated his Buy rating and upped his target to $150 from $120. “Believe it or not, [the] iPhone and App Store might still be under appreciated, shaking up the entire billion-unit cell phone industry,” he writes. Cihra says supply chain data points to very strong second half build rates, with a hardware refresh and a possible debut in China. Given what he expects will be strengthening iPhone demand, Cihra ups his FY ‘09 EPS estimate to $5.39, from $5.29, while lifting FY 2010 to $6.25, from $5.73. Like Wu, Cihra sees a new form factor coming but says “don’t think netbook, think 7-inch iPhone.”
http://blogs.barrons.com/techtraderdaily/2009/04/13/apple-kaufman-caris-analysts-up-targets/
 
April 14, 2009, 3:24 pm

  • Morgan Stanley analyst Kathryn Huberty upped her EPS estimate for the September 2009 fiscal year to $5.09, from $4.77; for FY 2010 she goes to $5.50, from $5.22. Huberty also upped her price target on the stock - to $100, from $95, which of course is still well below the current price. Huberty, who maintains an Equal Weight rating on the stock, says the higher estimates reflect better iPhone demand, higher iPod ASPs to reflect the mix shift toward the Touch, and slightly better gross margins from lower component prices. But Huberty remains cautious on the stock, noting that her FY ‘09 estimate is below the consensus, and contends the fiscal second-half results could miss on “lower currency and component cost benefits.”
..
  • BMO Capital’s Keith Bachman, meanwhile, lifted his FY ‘09 estimate to $5.09, from $5.05, while increasing FY 2010 to $5.60, from $5.30. He also lifted his price target to $130, from $105. The higher estimates reflect revisions in his model to reflect anticipation of an iPhone refresh in June. Meanwhile, Bachman says the company is likely to give conservative June quarter guidance, as usual. He says the company is likely to guide to 90 cents to $1 a share in profits, well below the Street at $1.12, and Bachman’s own estimate of $1.06. Bachman maintains his Outperform rating.
http://blogs.barrons.com/techtrader...rgan-stanley-bmo-capital-raises-ests-targets/
 
April 16th, 2009 at 4:13 PM


Broadpoint AmTech analyst Brian Marshall raised his price target on shares of Apple Inc. Thursday. In a research note obtained by The Mac Observer, Mr. Marshall cited Apple's already impressive performance in recent week, plans for an iPhone ramp in June, and the markets willingness to pay higher multipliers on some stocks. Based on these issues, he maintained his "Buy" rating on the stock, and moved his target price to US$135 per share, up from $120.
Mr. Marshall is also expecting Apple to turn in a "solid" March quarter when the company reports on April 22nd, 2009. He believes the company will beat its own guidance and current Wall Street estimates with revenues of $8.3 billion and $1.20 in earnings per share (EPS). That compares to guidance from Apple of $7.6-$8 billion and EPS of $.90-$1.00 per share.
For the current quarter, he is estimating revenues of $8.6 billions and EPS of $1.19, higher than consensus estimates of $8.2 billion in revenues and $1.12 EPS. He is expecting Apple to offer its "usual" conservative guidance of $8 billion in revenues and $1.00 EPS.
He's expecting Apple to report 3.15 million iPhones sold for the March quarter, along with 11.3 million iPods, 2.27 million Macs broken down to 1.616 million portables and .651 million Mac desktops. He's estimated similar Mac shipments for the June quarter with 11.5 million iPods and 5 million iPhones.
Helping to move more iPhones is not only the expected iPhone update in the June quarter, but also the ramp of more than 70 carriers around the globe that are now carrying the device. That's up from 51 in September of 2008 and only 6 in June of 2008.
"Since the recent market lows on March 9," he wrote, "AAPL shares have materially outperformed the S&P 500 by ~1,600bps (42% vs. 26%, respectively) due to rising iPhone build plans for the June '09 quarter -- now common knowledge on the Street. The market is willing to pay higher multiples now and we are bumping our target multiple to 17x (from 15x) our pro forma CY09 EPS of $8.00 to arrive at our new target price of $135 (from $120)."

http://www.macobserver.com/tmo/article/broadpoint_analyst_bumps_aapls_target_price_to_135/


http://translate.google.com/translate_t?hl=it#
 
Utili trimestrali nettamente superiori al consensus per AAPL : 1,33 contro 1,09

APPLE REPORTS RISE IN PROFIT; SALES OF IPHONES MORE THAN DOUBLE

4:34 p.m. EDT April 22, 2009


SAN FRANCISCO (MarketWatch) - Apple Inc. reported a surprise gain in net income for its second fiscal quarter as sales for the period came in better than expected. For the quarter ended March 31, Apple reported net income of $1.2 billion, or $1.33 per share, compared to earnings of $1 billion, or $1.16 a share, for the same period the previous year. Sales grew 9% to $8.17 billion for the quarter. Analysts were expecting Apple to report earnings of $1.09 per share on revenue of $8 billion, according to consensus estimates from FactSet Research

http://www.marketwatch.com/News/Story/Story.aspx?guid={550C23C6-087A-45FB-AAB4-44B3FE85E89D}
 
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