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CSFB Sees Buying Opportunity in Apple Shares


CSFB reiterated its outperform rating on Apple Computer (AAPL), saying the company's disappointing results have created a buying opportunity in the market Wednesday.

Analyst Robert Semple said that fourth quarter revenue of $3.69 billion is ahead of Apple's $3.5 billion guidance, but it's below the $3.74 billion consensus. It says iPod shipments of 6.45 million are below his 7.3 million forecast; and the Street had an even higher estimate. He thinks shipments are impacted by a drop of iPod mini inventories ahead of the iPod nano launch. However, he continues to believe that Apple will maintain its product momentum and upward bias to estimates through new product introductions, including the video-enabled iPod. He raised his $1.65 fiscal year 2006 (ending September) earnings per share estimate on $16 billion revenue to $1.86 earnings per share on $18.2 billion revenue and reiterated his outperform rating and $56 price target.


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