updated 01:30 pm EST, Tue December 8, 2009
Company presently expanding product sphere
CLSA Asia-Pacific Markets analyst Steven Fox today launched his first round of Apple coverage, giving the company's stock a Buy rating with a $260 price target. "Apple's ecosystem is in the process of meaningfully expanding its reach through an increasingly robust set of applications," says Fox. The impact of apps is only expected to increase when Apple releases an tablet device sometime in 2010.
Apple is further said to be having an impact on markets outside its normal dominion, including game consoles, GPS units and video cameras. All three are to an extent unified under the iPhone, and the iPod touch has proven a challenge for for gaming stalwarts such as Sony and Nintendo.
Apple is forecast to push forward with the iPhone through upgrades, price cuts, and new carrier deals, whether in virgin countries or existing ones. FY2010 shipments of the device are projected to rise 70 percent, to 35 million.