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First Albany Keeps Buy on Apple

First Albany keeps Apple Computer (AAPL) at a buy rating and a $49 target. He believes the stock's weakness comes from higher guidance from Napster.

Analyst Joel Wagonfeld believes Apple Computer (AAPL) stock is down on higher guidance from rival music subscription service Napster and competition fears.

He thinks investors may be concerned about increased competitive pressure and share gains from Apple's dominant iTunes. But he notes Apple recently surpassed the 300 million-song download mark, representing continued acceleration in pace at which customers downloading from iTunes.

Wagonfeld says the data points suggest his Street-high iPod forecast for 4.5 million units in the second quarter will likely prove too low. He views today's weakness as a buying opportunity and keeps buy rating and $49 target.

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