UBS has raised its second quarter earnings per share estimate for Apple to 45 cents from a previous estimate of 41 cents on expectations for a 67 percent jump in revenue to $3.19 billion. “Our checks indicate that the new Mac mini and iPod shuffle are being well received and that current shortages will likely be alleviated next month,” UBS analysts said.
Read MoreUBS analyst Ben Reitzes has upgraded Apple to “buy” from “neutral”, saying today’s weakness in the stock is a buying opportunity given a number of positives at the company (sales of iPods and portables, and new products due in 2004). “The valuation now looks compelling, the shift to partnering is encouraging and retail profitability and sales momentum is encouraging,” Reitzes said.
Read MoreAnalyst Ben Reitzes of financial firm UBS has initiated coverage of Apple with a “neutral” rating. The target price is set to US$23. Reitzes expects Apple’s new offerings in the digital music segment to “considerably boost its earnings and revenue growth in the near term.
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