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Edition: U.S. Article Comments (0) Save Email Print Reprints Most Popular Most Shared US financial system support up $700 bln in past year-watchdog 12:08am EDT Clintons in tears over Chelsea? You can bet on it 19 Jul 2010 Obama signs sweeping Wall Street overhaul into law | Video 3:43pm EDT UPDATE 2-At least 25 hurt in turbulence aboard United flight 20 Jul 2010 Special report: Plumes, politics and the sultan of spill 11:52am EDT Bernanke says Fed to act if soft recovery falters 4:26pm EDT F-35 engine makers trade barbs at air show 20 Jul 2010 BP defends CEO, eyes new option for plugging well | Video 4:31pm EDT California city approves marijuana farming 8:09am EDT Convicted ex-media baron Conrad Black given release 4:09pm EDT US financial system support up $700 bln in past year-watchdog 12:08am EDT Tired Gay succumbs to Dix in 200 meters 03 Jul 2010 "Gluten-free" foods may be contaminated: study 16 Jul 2010 California city approves marijuana farming 8:09am EDT Special Report: We're from Wall Street and we're here to help 20 Jul 2010 UPDATE 2-At least 25 hurt in turbulence aboard United flight 20 Jul 2010 BP defends CEO, eyes new option for plugging well | Video 4:31pm EDT Smartphones could be latest battle accessory 10:13am EDT Playboy launches new "safe-for-work" website 20 Jul 2010 Dogs and cats have a voice under new Massachusetts law 20 Jul 2010 Apple impresses, but margin outlook limits rally Digg This Tweet This Share on LinkedIn Share on Facebook Related News UPDATE 3-Apple impresses, but margin outlook limits rally 1:52pm EDT Apple forecast beats Street view 7:07am EDT Instant view: Apple quarter beats, "Antennagate" seen over 4:56am EDT UPDATE 4-Apple forecast beats Street view, Mac sales jump Tue, Jul 20 2010 Apple forecast beats Street view Tue, Jul 20 2010 Related Topics Technology » iPad » Media » By Gabriel Madway SAN FRANCISCO | Wed Jul 21, 2010 1:56pm EDT SAN FRANCISCO (Reuters) - Wall Street analysts boosted their price targets on Apple Inc after it posted robust quarterly results, but the company's conservative margin forecast limited gains in the stock on Wednesday. Apple shares climbed nearly 3 percent, boosted by better-than-expected Mac sales and continued expansion overseas. The company -- which is famous for issuing cautious outlooks -- also set a revenue forecast for the current quarter that was $1 billion higher than Wall Street was expecting. But its outlook for a 35 percent gross margin for the period was far below the analysts' average target of 40 percent. "The stock would be up higher if it wasn't for the gross margin forecast," said Gleacher & Co analyst Brian Marshall. Apple said it based its gross margin outlook on expectations of a higher mix of iPhone 4 and iPad sales. The company acknowledged that the fourth-generation iPhone costs more to make than its predecessor and said it was pricing the iPad aggressively as its tries to define the nascent tablet market. Marshall estimated gross margin for the iPad at about 35 percent as it ramps up production and 40 percent longer-term. For the iPhone 4, he put the margin in the mid-50s, below the 60 percent for the previous model. Oppenheimer & Co analyst Yair Reiner said Apple's sales forecast helped put to rest any concerns about the controversy over signal loss on the iPhone 4, which has hurt the company's stock over the past month. The margin forecast may make some people nervous, he said, but he expects that concern to fade fairly quickly. "Apple's abysmal gross margin forecast might give investors pause, but its growth trajectory and valuation should provide considerable comfort," Reiner wrote in a research note. STRENGTH IN MACS, OVERSEAS On Tuesday, Apple reported a 78 percent earnings jump on a 61 percent climb in revenue for the third quarter ended on June 26. Sales rose 66 percent in Europe, 63 percent in Japan, and 160 percent in the Asia-Pacific region. International sales accounted for 52 percent of revenue, up from 44 percent a year earlier. Unit sales of Apple's Mac line of computers surged 33 percent overall, with strong growth in Asia. JPMorgan analyst Mark Moskowitz raised his price target on Apple to $400 -- the highest on Wall Street -- saying the earnings report should help remind investors of the company's strengths. Shares of the Cupertino, California-based company were up 2.6 percent at $258.50 in afternoon Nasdaq trading. "While the media-driven frenzy over the iPhone 4 antenna issue is not likely to fade yet, we believe Apple's quarterly performance should restore focus back on the model's high-growth stature," he wrote in a research note. On Friday, Steve Jobs rejected any suggestion that the iPhone 4's design was flawed, but offered consumers free phone cases to address reception complaints. While the issue gave investors reason to question Apple's historically "airtight execution" in recent weeks, stock performance ultimately tracks earnings estimates, and the shares could move higher in the second half of 2010, said Morgan Stanley analyst Katy Huberty. Investors were underestimating Apple's growth opportunities from continued iPhone share gains, iPad adoption, China and enterprise penetration, Huberty wrote in a note, raising her target on the stock to $346 from $332. The median price target on Apple's shares stands at $330, or roughly 28 percent higher than Apple's share price on Wednesday. Shares of Apple -- which competes with Research in Motion, Nokia and Microsoft in various markets -- are trading at a multiple of 15 times forward earnings, a 44 percent premium to its peers, according to StarMine data. (Reporting by Gabriel Madway in San Francisco and Tenzin Pema and S. John Tilak in Bangalore; Editing by Unnikrishnan Nair, Gopakumar Warrier and Lisa Von Ahn) Technology iPad Media Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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