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Strategies & Market Trends : The Bird's Nest

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From: clutterer	4/6/2009 8:14:00 AM
	of 15232

AAPL Barclays reiterates Overweight rating, raises tgt to $143 - new portable coming? Barclays is out with am interesting call on Apple (NASDAQ:AAPL) raising their tgt to $143 from $113 saying the stock remains one of our top picks given its new product pipeline & very strong free cash flow. They believe new products including a new familiy of iPhones in June & an ultraportable later this year should boost shares. They are raising their pro forma estimates for Apple significantly given their view that the company candeliver a robust new product cycle for iPhones in '09 supporting about $10/sh in annualized FCF. Also, iPhone demand has held near-term better than their conservative ests according to checks. - Barclays believes AAPL is readying a an ultraportable device for later this yr (not included in ests). - Given higher iPhone estimates, F2Q GAAP EPS is now $1.00 (was $0.98) w/non-GAAP of $1.37 (was $1.18) on 4% y/y revenue growth to $7.8B. FY09 GAAP EPS is $5.00 (was $4.85) w/non-GAAP of $7.18 (was $6.44) on 10% y/y revenue growth to $35.65B (was $35B). - Given the iPhone is becoming a much bigger portion of earnings, they focus on "pro forma" EPS that reverses iPhone subscription accounting. They new price target is $143, 15x our new pro forma estimate of $7.88 for FY10.

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