Andrew Neff
Andrew Neff
aggressive bound concerned consumer continued corporate demand pc pricing seeing signs spreading stocks weak weakness
When we downgraded the PC stocks in September, we were concerned about signs in the weak consumer demand -- which has continued to deteriorate. Now we are seeing signs of this weakness spreading into small/medium corporate and of aggressive pricing in low-end servers. This weakness is bound to spread.
among clearer leaders-and-leadership reflects seeing thinking
We're seeing alliances, not mergers, among leaders, which reflects clearer thinking about what is good.
digital either equipment jury turnaround
It's either another Digital Equipment or another turnaround like HP or IBM. Right now, the jury is still out.
discount ibm percent valued
We still see IBM attractively valued at a 13 percent discount to S&P multiple.
apple balance based capital financial future growth increasing innovative invested ownership positive potential price products rate rating reasonable return sheet strong target view
We reiterate our 'buy' rating on Apple and our price target of $80 based on valuation of two times the company's EPS growth rate of 20 percent, reasonable in view of its innovative products and strong product cycles, ownership of technology, strong balance sheet and financial management, increasing return on invested capital and potential for future positive surprises.
believe cited company demand extent industry laundry lead list problems products related specific woes
The extent of Apple's pre-announcement and the laundry list of problems that the company cited lead us to believe that its woes are as much company specific as they are industry related and the demand for products is just not there.