AAPL

Barclay’s expects EPS of $5.33

 

JPMorgan and Barclay’s on Jobs/AAPL: Maintain Overweight

 

EPS after the close tonight.  Barclay’s expects strong momentum in All Products.

Barclay’s PT: $420

 

Highlights:

Earnings tonight could help refocus investor sights on solid company fundamentals.

 

Company has been down this road before, and the management team under Cook’s leadership managed very well with no major missteps.  There is a deep bench to sustain growth.  With the 2/10 Verizon launch of the iPhone, ongoing market share momentum in tablets and PC should refocus investors on the “unrivaled model” Jobs and the management team have built and sustained.

 

Past track record  under Cook (2009 and 2004) suggests that Jobs’ health has an impact but strategic initiatives have not been derailed during past medical leaves.  The dynamic is important given Jobs’ involvement from proof-of-concept to product announcement. 

 

As an aside, consumer reports came out today and does not recommend the Verizon iPhone because it is going to be limited in its capabilities and, they believe, an interim version with an upgrade coming out this fall.  Recommend users hold off until the next version.

 

Baldwin Brothers

 

Polly Talbott

 

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Ph (508) 748-0800

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www.baldwinbrothersinc.com

 

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