ggamer, the URL on the Canaccord Genuity has gone dead. Here is some more:
Shares of Apple ( AAPL) are up $7.01, or 1%, at $635.66, as the Street continues to reflect upon the
announcements at yesterday’s Worldwide Developer Conference.
And there appears to be a divergence.
Maynard Um of Wells Fargo, reiterating a Market Perform rating, writing that “Relative to the expectations
going into WWDC, the event, to us, was a slight disappointment given the lack of any new hardware
announcements and a cursory address of the home automation capabilities (there was much more media
attention relative to the short portion of presentation dedicated to this).”
But Piper Jaffray’s Gene Munster, reiterating an Overweight rating, writes that “While investors and
consumers are focused on devices in the back half of the year, we believe that yesterdays event delivered
on strengthening the platform, which in turn will help drive device sales.”
And Canaccord Genuity’s Mike Walkley, reiterating a Buy, raises his price target to $660 from $710,
writing “these introduced features combined with the capabilities acquired through Beat’s Music purchase
should enable Apple to the stem the decline in iTunes music download sales and increase the revenue
contribution from its higher-margin Software and Services business.”
“We believe an increased mix of higher-margin software sales could in turn drive P/E multiple expansion.”
More at: blogs.barrons.com
I loved the part where "...raises his price target to $660 from $710" :-)
o~~~ O
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