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.
july last seven six stocks technology time weak
Six of the seven last years, technology stocks have been weak around that time period. June, July has usually been around a bottom.
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.
impressed year
A year ago, I didn't know what to make of him. But I've been impressed with what I've seen.
renewed spirit view vigor
It corroborates our view of a renewed sense of vigor and competitive spirit at HP.
oil state
This is the continuation of state consolidation in the oil sector.
cyclical point worked
Our point is that, like other cyclical businesses, this overcapacity has to get worked 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.
among clearer leaders-and-leadership reflects seeing thinking
We're seeing alliances, not mergers, among leaders, which reflects clearer thinking about what is good.
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.