MacBook supply could affect AAPL

Despite reports of limited availability of Apple's MacBook Pro, Piper Jaffray research analyst Gene Munster today maintained an "outperform" rating and $103 price target on Apple stock. While the analyst had factored in limited supply of MacBook during the March quarter, the analyst believes that Apple may not be able to meet demand for the product during the March quarter, noting that there may be downside to his fiscal second-quarter Mac sales estimates. "We are recommending purchase of Apple shares, given that controversy surrounding limited availability of the new MacBook Pro appears to be priced in," according to a research report obtained by Forbes. "Apple will ramp MacBook Pro production in the near term." [title/wording updated]

Through his checks, Munster said that product is not readily available through Apple, its retail stores, or thid-party resellers. "Specifically, in his checks over the last several days with 40 Apple retail stores, he found only four stores that had the MacBook Pro in stock. The analyst's checks also indicated that there is pent-up demand for the MacBook Pro -- 70 percent of the stores have a waiting list of MacBook Pro customers."

Because of continued supply issues, Munster believes that his fiscal second-quarter Mac unit estimate of 1.29 million may prove to be "overly aggressive." The Street's Mac unit estimate for the March quarter is 1.2 million, according to the report.

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