Apple Rating Stays A Hold

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Apple Rating Stays A Hold

By Zacks Investment Research on January 20, 2009 | More Posts By Zacks Investment Research | Author's Website

Apple, Inc.’s (AAPL) CEO Steve Jobs has taken a temporary leave of absence to focus on health issues. We believe the company’s day-to-day operations will not be affected as its fundamentals remain intact.

Apple’s lower price point on the 3G iPhone has taken market share from its competitor Research In Motion (RIMM), producer of the BlackBerry. Moreover, Macintosh continues to take share from traditional PCs.

We remain concerned about slowing iPod sales as the category matures, and don’t believe recent launches will be enough to drive a meaningful upgrade cycle. Moreover, fears of a sluggish economy and slow consumer spending remain.

We maintain a Hold rating on AAPL shares and lower our six-month price target to $86.50.

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