Apple: Think Equity Whizzes on iPod Results

Think Equity peed on iPod's results, but likes Apple because of the CPU share-gain-story.  Jason thinks the whole company's overrated.

Think Equity: It happened. iPod revenues reversed a 17-quarter trend and posted minus 1%y/y growth. With prospects and the inevitability of slowing iPod momentum, they took AAPL shares down 28% to a calendar year low of $50.67 in mid July from year-ago levels. After all, investors had become accustomed to 11 quarters of triple-digit iPod unit growth and it was difficult to fathom an Apple without them. With iPods at 'only' 32% of revenues in 2Q, the real earnings power generator stepped forward. Apple is a CPU share gain story, and this is driving margin expansion. Raising target to $130.

JJ:  Hoopes has done a great job with AAPL and was early with the call that AAPL is a CPU (and OS) play not an iPod play. I think the iPhone is overhyped (unless they subsidize enough to get the price to less than $150), I don't like their clunky interface with MSFT Office, I am not surprised that Leopard is delayed.  I also think the Jobs is walking a very fine line with the options backdating issue.  To top it off, I like the dorky guy in their commercials more than the cool guy and I want to buy a MSFT PC every time I see the commercial.

Comments

[Allen Murdock]

Jason, you don't like Apple clunky interface with Microsoft Office? That's not a legitimate criticism of Apple, since Microsoft wrote that software and is responsible for the interface.

In my opinion, you're completely wrong about the iPhone. People already know what the price will be, and they still want it. Time will prove me right on this.

I will agree that John Hodgman (the PC in the Mac commercials) is hilarious and likeable. The Mac guy doesn't have half his charisma.

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