An Apple analyst puts away his pom-poms
Posted
Dec 04 2008, 12:42 PM
by
Kim Peterson
Rating:
Gene Munster, one of Apple's biggest cheerleaders, is sobering up a little. The Piper Jaffray analyst cut his profit and revenue estimates and price target on the company Thursday, citing "macroeconomic headwinds."
Munster still thinks the stock is a buy, however. But he dropped his price target to $235 from $250.
Macs will gain market share in the coming year, he said, but people are buying fewer computers overall. That led Munster to cut his growth forecast for Macs to 10% from 16%. Apple shares are taking a hit, dropping more than 3% to $92.55.
Munster's report comes right after analysts scoping out Apple stores reported strong sales. And so far, nothing points to a slowing down in sales this holiday. But Munster sees "low visibility" for next year, and dropped his numbers as a result.
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