Apple (AAPL) shares have traded modestly lower today, apparently under pressure from the company’s comments in its 10-filing yesterday suggesting that FY 2011 margins will be down from FY 2010. As I noted yesterday, however, the comments were in line with previous commentary from the company about margins – in short, there’s nothing really new here.
A couple of analysts weighed in on the situation today, and agreed that the company simply didn’t say anything new about margins in the filing.
- Kaufman Bros. analyst Shaw Wu notes that the margin discussion was “standard commentary…which some interpreted as new guidance;” he advises taking advantage of any associated weakness to add to positions. “Various newswires interpreted this as news and a guidedown,” he writes. “This isn’t the case
and is consistent with what AAPL said on its recent earnings call, not to mention in every annual 10-K filing about the upcoming fiscal year as far as we can remember.” - Piper Jaffray analyst Gene Munster said basically the same thing, describing the comments in the 10-K as “customary cautionary language.” Writes Munster: “We see this as a non-event and we would be buyers of AAPL on the pullback going into what we believe will be a strong holiday quarter.”
AAPL is down $2.78, or 0.9%, to $305.05.
No comments:
Post a Comment