AAPL called a top pick

Apple Computer was cited as a despite the "difficult" fourth-quarter looming ahead. A report from the Department of Commerce showed that order growth for computers and related products slowed significantly in September, according to a report from Forbes.com. Robert Semple, a Credit Suisse First Boston analyst, said in a research report that new orders of $8.2 billion for PCs, storage devices, terminals, and peripherals, increased six percent from September 2004. Semple said: "while industry-wide double-digit unit growth is usually nothing to scoff at, it is clear that the PC market's unit progress is being almost completely offset by price declines, particularly in notebooks, and a secular shift to the low end of the market owing to the robust growth in emerging markets including China, India, and Latin America."

"In an environment with aggressive pricing and tight component prices, we believe investors should own the companies that are profitably gaining share and have some semblance of price protection, namely Apple Computer," Semple said, adding that Apple is his top pick in his coverage universe.

by MacNN Staff