Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Markets & Finance

Bear Stearns Lowers Apple Computer Rating

Bear Stearns downgraded Apple Computer (AAPL) to peer perform from outperform.

Analyst Andrew Neff says the stock is near his $36.50 yearend target. He notes most of the catalysts (the new G5 iMac, Hewlett-Packard's iPod version, the PowerMac G5 cycle, and the fourth-generation iPod) is already priced into the valuation. He now sees a yearend 2005 target around $40, which is less compelling given that near-term drivers are less clear.

He notes challenges remain. Apple must balance the maturing PC business business, leverage the risks and opportunities of opening new stores, and be able to launch products that encourage an installed base to replace. Also, it must continue to encourage investors' optimism that it will increase its share and size.

Furthermore, there's some uncertainty about the potential impact of the digital-music business, given copyright issues that may be extended to device manufacturers. Neff keeps the 66 cents fiscal 2004 (Sept.) and 90 cents fiscal 2005 earnings per share estimates.

blog comments powered by Disqus