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80,259 News Articles

Apple shares pounded 'mistakenly'

Analyst downgrades sink Apple, but are the bears way off target?

In his note, Abramsky references a survey that RBC Capital conducted with ChangeWave regarding computer purchases. The ChangeWave version of the survey lists corporate buying plans, with purchase intent for Macs dropping slightly from the prior survey in May 2008.

However, on average, Apple's corporate buying intent has been rising over the past few years, while the corporate computer market in general has been plummeting.

These are good numbers for Apple in the enterprise market, made even stronger by a quote from ChangeWave VP Paul Carlton, "in an upbeat sign for Macs, respondents estimate that 18% of their company's workforce would choose to use a Mac if it were left up to the employees themselves - triple the 6% who are currently using Macs."

RBC's version of the survey focused on consumers and showed a drop in the number of consumers who plan to buy a Mac in the next 90 days from 34% in August to 29% in September, the largest drop in more than two years. Surely this isn't a great sign, and indicates cooling on Apple, but perhaps not worth a downgrade - or an 18% one-day drop.

Who do you think you are? David Bailey?
Goldman Sachs analyst David Bailey said Monday's drop "more than captures the concerns over Mac growth in a weakening spending environment."

Bailey feels weak consumer demand could affect the stock, but iPhone sales could boost AAPL through the end of the calendar year, and "in the intermediate-term, we think Apple shares could move back to the $145 level" in 2009.

Citi held AAPL at "Buy" but cut its price target to $170 from $287.

As of 12:30pm, AAPL is up $4.67 or 4.44% to 109.93.

Apple's fiscal 2008 earnings report is expected sometime in mid-October.

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