This Morning: Praise for Apple, Autodesk, Sony Slips, VJET, Cisco Earnings on Tap
Here are some things going on this morning in your world of tech:
Shares of Apple ( AAPL) are up $1.36 at $595.14 after a couple of positive notes from the Street this morning.
Needham & Co.’s Charlie Wolf reiterates a Buy rating, and a $590 price target, writing that “the
surprising strength of iPhone 4S sales in the March quarter challenges the conventional wisdom that
Apple has to build a low-end phone to retain share in the smartphone market.”
The 4S added 10 million new owners to iPhone in the quarter, he points out, proving “the iPhone’s brand
is so strong, a two-generation-old iPhone despite its premium price holds great appeal,” which “confirms
Apple’s ongoing commitment to building the aspirational brand” even at the low end of the market.”
And analysts at Monness Crespit & Hardt today reiterate a Buy rating on Apple stock, and raise their
price target to $650 from $605, writing that investors want to be long the name going into the debut of a
larger-screen iPhone this year.
Speaking of smartphones, DigiTimes’s Cage Chao and Steve Shen late yesterday reported that China’s
slew of LTE-based smartphones is expected to reach 160 million to 200 million units this year, citing
remarks by chip maker MediaTek ( 2454TW).
More at: blogs.barrons.com
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