Slow Q2 Mac sales, AAPL's future bright

Bear Stearns today said that Apple's future looks bright despite slow Mac sales during its second fiscal quarter due to the Intel transition. Maintaining "outperform" rating, the research firm lowered the price target and estimates for Apple to reflect the Intel Mac transition issues. The firm said it was confident in demand for iPods, Macs and more innovative products, according to Forbes: "We continue to view the stock pullback as a buying opportunity, with Apple's price-to-earnings at 17 times our calendar 2007 operating earnings-per-share estimate," wrote analyst Andrew Neff in a research note Thursday. "Looking ahead, we remain optimistic," the analyst said. "Our expectations include an Intel-based iBook, true video iPod, wireless iPod, other innovations in coming months."

The company said that new NPD data indicated slower-than-expected sales of Macs during January and February, leading it to lower estimates by 11 percent to 1.06 million Mac unit sales during the quarter; however, it did not changes its estimates for iPod sales. The firm's fiscal 2006 and 2007 earnings per share estimates were lowered to $2.25 and $2.91, respectively; the price target was cut to $100 (from $103), according to the report.

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