\"Outperform\" for AAPL

Piper Jaffray maintained an and said valuation of the stock is "not outrageous based on three-year historical average." Piper Jaffray said shares are currently trading at 34 times the 2006 earnings-per-share forecast of $2.40 while the average forward price-to-earnings multiple for Apple has been 43 times. The report points to the "explosive growth we have seen as Apple has transformed into both a computer hardware company and a provider of products for the consumer digital hub." The research firm said a recent check with Apple specialty resellers indicated the demand for the iPod Shuffle has been "very strong," but none of the resellers have received any shuffles to date, with "big demand, zero supply." Regarding the Mac mini, many resellers say "demand will not significantly accelerate until Apple increases marketing for the product."

by MacNN Staff