UBS holds course on AAPL following NPD numbers
updated 03:35 pm EDT, Wed July 7, 2010
iPhone 4, MacBook Pros, education spending key
Analyst Maynard Um of UBS is holding onto a current buy rating for Apple stock after analyzing monthly data from NPD. US-only, the data shows Mac sales for May up 8 percent month-over-month, and up 35 percent year-over-year via about 361,000 units. Data covering April and May together shows growth of 37 percent, over UBS's 29 percent expectation in Mac growth rate for the quarter. Overall June quarter results are expected to sit between 2.9 and 3.5 million units, with a precise UBS forecast of 3.35 million.
Apple is said to be riding momentum from MacBook Pros, iPhone 4 sales and education spending. Um estimates overall revenue of $14.8 billion for the quarter, with $3.01 in EPS; Street consensus is noted to be $14.5 billion and $3.05. The iPhone 4 and back-to-school spending should drive sales going into the next quarter, Um adds.
Despite the positive comments, UBS' official price target for Apple stock is unchanged at $320. The stock is on the rise today, currently up $6.92 at $255.55 per share.
