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AAPL Stock: 519.01 ( + 1.05 )

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Analysts 'underwhelmed' by Let's Rock event

updated 02:45 pm EDT, Fri September 5, 2008

Apple shares down

Shares of Apple stock have continued to drop for the past two weeks, ahead of Tuesday's "Let's Rock" iPod event. New Macs on the horizon may lift the stock in the months ahead however. Barron's reports that analysts are warning that the Sept. 9 event may be 'underwhelming', with a new iPod Nano and slightly redesigned iPod touch at a lower price-point. New Macs are not expected for the Sept. 9 event and investors have been unimpressed with the rumored iPod releases.

American Technology Research analyst Shaw Wu expects the Tuesday announcements to be "somewhat underwhelming," predicting the redesigned iPod Nano and a slimmer iPod touch with lower prices.

Bernstein Research analyst Toni Sacconaghi is also expecting redesigned iPod Nanos and a less expensive, modestly redesigned iPod touch. Sacconaghi and Wu are both forecasting new Mac laptops for the holiday season, though neither expects the Macs to arrive Sept. 9.

Sacconaghi is positive on Apple long-term, maintaining a $175 price target for Apple's stock, claiming that Apple's prior forecasts for lower gross margins (30%) are likely too low. Sacconaghi is predicting a 32 percent gross margin, which is the Wall Street consensus. He thinks the Mac and iPod margins would have to drop unrealistically to reach a level where Apple's gross margin would fall to 30 percent. Sacconaghi is maintaing a Market Perform rating on Apple's stock.

Apple's stock has fallen nearly six percent this week, and over nine percent in the past two weeks. Apple is down more than a dollar in today's trading, currently down $1.09 at $160.13.




by MacNN Staff

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Comments

  1. Guest

    Joined: Dec 1969

    +2

    hey, maybe

    this is just an attempt to influence the market to drop the price of Apple's stock now, so next week, when it's known that this 'analysis' is total BS, Apple's shares will rise by a greater amount.

  1. Grrr

    Joined: Dec 1969

    +1

    Riiiight..

    Hmm, Analysts being people that Macnn journo kiddues are into for whatever reason. Analysts that are paid to make up c*** as they go along by predicting the predictable. And now to add to their lack of credibility, they are now apparently underwhelmed by an event which has not even taken place yet? hahaha

  1. Saint_Stryfe

    Joined: Dec 1969

    +2

    I wouldn't...

    Rock the boat if things are going good. I honestly don't even know if I like the new nano styling. But ya know what? It'll sell well, I bet.

    I don't worry. Only when sales sag does Apple need to have something ready. Right now, the sales are strong. Probably will be through the Holiday season.

  1. aristotles

    Joined: Dec 1969

    +2

    It has not happened yet

    How can they be underwhelmed about an event that has not happened yet? Do they have a crystal ball?

  1. Guest

    Joined: Dec 1969

    -3

    iPods NO new Macs = BAD

    I'm sure MANY will be UNDERwhelmed by special event just to announce some refreshed iPods.

    BIG DEAL. Apple seems to have forgotten that they make COMPUTERS. They need to updated the Macbooks and Macbook Pros, which are long in the tooth.

    They also need to release a 12" MBP to replace the Powerbook.

    A "Special Event" for refreshed iPods is ridiculous and not worth the effort.

    Their stock should suffer until they pay their computers some much needed attention.

  1. Eriamjh

    Joined: Dec 1969

    0

    Overhyped...

    First, we are always underwhelmed by Apple's announcements because we always expect something great.

    Second, the analysts don't know WTF is going to be announced so how can they be whelmed at all? (yes, I know it is not a word ;)).

    Third, those analysts should STFU until AFTER the event and then still stay TFSU.

  1. rycardo

    Joined: Dec 1969

    +1

    Re: iPods NO new Macs =

    Guest Said:
    Apple seems to have forgotten that they make COMPUTERS.

    Apple dropped Computer from their name a short while ago. Not ONLY do they make computers - and update them regularly - but ALSO make iPods, iPhones, and give us iTunes/Store.

    As others mentioned, this is the regular time of the year for iPod updates.

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