Apple Gets a Pair of Bullish Notes

May.11.09 | About: Apple Inc. (AAPL)

Apple (NASDAQ:AAPL) was the subject of a pair of bullish notes from the Street this morning.

  • Kaufman Bros. analyst Shaw Wu Monday repeated his Buy rating and upped his price target to $160, from $152. Wu writes that he brought a group of investors to Cupertino on Friday to meeting with CFO Peter Oppenheimer. “While no new information was given, we walk away with higher conviction in our Buy thesis and believe shares can support a higher multiple,” Wu wrote. On the subject of the potential for new U.S. carriers, Wu notes that the company said competition has been good for demand in other markets, including Australia where three carriers sell the iPhone. Wu thinks a move to Verizon will make more sense when it rolls out its LTE network. Other topics: he said the company still apparently has no interest in netbooks; and he said the company’s 30% long-term margin goal could be conservative.
  • Susquehana Financial analyst Jeff Fidacaro - he was the PC analyst at Merrill Lynch before the Bank of America deal - today picked up coverage of Apple with a Positive rating and $155 price target. Fidcaro writes that the company still has significant growth opportunities ahead, including rolling the iPhone into new markets (like China); expanding the range of iPhone devices; and developing other new devices, including “scaling up the iPod Touch platform.” He notes that the PC market remains challenging, and that consumers account for about 75% of product sales, but that “sales of its differentiated products have demonstrated to be more resilient than the overall market.”

AAPL Monday is up $1.30, or 1%, to $130.49.

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