Piper Jaffray: panic over Apple's unfounded actions
The significant fall in the value of Apple shares mainly due to market fears: widespread pessimism but, according to the analysis company Piper Jaffray, the sharp reduction in the value of Apple shares largely unjustified.
The picture that Piper Jaffray paints is certainly not rosy: the growth of the Macs estimated for the fiscal year 2008 of 40 percent and only 16 percent that forecast for 2009. Still, the analysis company foresees lower margins generated for Cupertino by new cheaper Mac lines and also by an iPhone "family" for 2009, despite the reduction in margins it will not be as worrying and consistent as the reduction in the value of the shares would lead one to think.
Piper Jaffray expects Apple to still have margins in excess of 30 percent for the last quarter of the current year and around 30 percent for the following year. The analyst firm also provides another explanation about yesterday's stock market crash: the substantial drop from 43 to 23 percent of iMac's sales by comparing the trend of August 2007 with that of the same month of 2008.
Analysts note that last year, just in August, Apple introduced the new aluminum iMacs, thus generating unusual demand for this time of year. This episode would explain the high expectations induced for the same summer period of this year.
In summary, Apple shares are suffering from market trends and widespread pessimistic expectations, not least of which are the crises in the banking sector, in any case Piper Jaffray says that Apple is more immune to all these problems than its rivals.