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Lehman Boosts Apple to 'Buy'

Lehman upgraded Apple Computer (AAPL) to buy from neutral.

Analyst Daniel Niles says Apple's Q2 results exceeded expectations and benefited from sales of new, more powerful products, including the Titanian Powerbook G4 laptop. In spite of a difficult economic environment, he notes the company was able to reduce its channel inventory to four weeks from 11 weeks a couple of quarters ago. In light of Q2 results, the company's guidance is going forward, and he sees a $0.28 fiscal 2001 (Sept.) loss, and $0.95 fiscal 2002 EPS.

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