From AP:
ThinkEquity Analyst Sees Unwarranted Worries About Apple’s First Quarter
NEW YORK (AP) — A ThinkEquity analyst said Monday shares of Apple Computer Inc. may be under pressure because of unwarranted concerns about its first quarter results.Analyst Jonathan Hoopes, who kept a “Buy” rating on the stock, noted that the stock has “underperformed” relative to major indices last week, possibly because of first-quarter uncertainty.
“In our opinion, Apple stock is positioned to outperform based on a series of potential quarterly catalysts we highlighted two weeks ago,” Hoopes wrote in a note to clients. “We believe investors are overly discounting concerns about Apple’s performance in the December quarter.”
Hoopes, who has a $100 price target on the stock, expects the company to report 79 cents per share earnings on $6.72 billion in revenue for the first quarter, while analysts polled by Thomson Financial forecast, on average, forecast 77 cents per share with $6.46 billion in sales for the quarter.
Apple rose 41 cents to close at $74.63 on the Nasdaq.
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