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Needham Upgrades Apple to Buy

From Standard & Poor's Equity Research

Needham upgraded Apple Computer (AAPL) to buy from hold, explaining that a significant number of Windows users will switch to Macs once Apples can run Windows applications.

Analyst Charlie Wolf notes that his survey of Windows users in the U.S home market indicated that 8% or participants would switch to a Mac if it could run Windows. Although this is seemingly a small percentage, it dwarfs Apple's current share of its home market. He says the risk to his upgrade is one of timing; migration to the Mac resulting from its ability to run Windows is unlikely to kick in fully before 2008. He maintains his $2.05 fiscal year 2006 (ending September) earnings per share (EPS) estimate and his $2.58 forecast for fiscal year 2007.

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