AAPL shares attractive for long-term

Credit Suisse analyst Robert Semple today said that Apple shares appear attractively valued for the long-term, despite his another earlier prediction that the company may not be able to hit Wall Street's estimates for its September quarter. Semple today predicted that Apple will report fiscal third-quarter revenue of $4.4 billion and earnings-per-share of 46 cents, above Wall Street's consensus estimate of 44 cents. The analyst also predicts that iPod shipments for the quarter will amount to 7.75 million, down from his previous estimate of 8.25 million, according to Forbes.com. Semple points to a prolonged product cycle to explain Apple's predicted soft iPod unit growth, adding that the company has not offered a major iPod update or price concession since the fall of 2005. Semple reiterated his "outperform" rating on Apple shares, predicting high volatility for the near-term.

The analyst believes MacBooks could steady Apple for the September quarter, with roughly 450,000 units shipped above his prior estimate of 310,000. Semple believes shipments will grow as Apple continues its migration to Intel-based Macs, according to the report.

Semple estimates that Apple will offer guidance to revenue of $4.6-4.8 billion, with earnings-per-share of roughly 50 cents, lower than Wall Street's consensus estimate of 52 cents.

Apple will likely reduce its iPod inventories as it prepares to unveil new iPod offerings, which are expected in September or October.

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