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Banc of America Keeps Buy on Apple

From Standard & Poor's Equity Research

Banc of America maintained a buy rating on Apple (AAPL) Friday after news that the company will likely restate results due to option irregularities.

Analyst Keith Bachman notes Steve Jobs issued options that are in question. He says it is always a possibility that some members of senior management could lose jobs as a consequence of the investigation, but the Chief Financial Officer was not at Apple at the time of the grants. He finds it hard to believe that a trail of implications would lead to dismissal of Jobs. He thinks it very unlikely the investigation impacts future sales of iPods or Macs. He believes Apple's reputation with investors will get appropriately dinged due to the restatement, but, at this point, he does not see future revenue impact or change to the company's new product delivery schedule.

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