Second US bank gives Apple its blessing

Posted on 3 Dec 2003 at 10:34

JP Morgan has become the second US bank within a fortnight to begin coverage of Apple shares.

The bank gave Apple a neutral rating, which means that although it thinks the stock is string, it doesn't expect it to grow much in the immediate future. Apple's 'innovation has no bounds,' it said, 'but its valuation does.'

Nonetheless JP Morgan was full of praise for Apple's current products, saying, 'The company is now shaping the explosive market for digital music and devices. Apple's innovations are once again changing the face of consumer electronics and its professional customer base is ripe for an upgrade cycle.'

JP Morgan follows fellow bank UBS Securities, which initiated coverage last month, saying, Apple is in 'a very strong financial position' having 'reinvigorated its brand through digital music players and download services, as well as most recently with a breakthrough PC (G5) - and these offerings could drive in near-term upside to earnings and revenues'.

Author: Simon Aughton

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