Tuesday, March 30, 2010

Apple Inc. $AAPL We’re Not Counting on a CDMA Device forCY10 Credit Suisse

Apple is still our top pick. We continue to believe an iPhone for Verizon is a matter of "when", not "if". Nevertheless, we believe it is prudent to assume a CDMA iPhone will not be fully available until CY11 (our assumption has been second half 2011). Either way, we have not factored in Verizon sales into our estimates, and we continue to believe the first full year of CDMA sales in the U.S. could add approximately 7 million units to our iPhone estimates. We discussed this view in detail in our report entitled, "When Will the Apple be Shared? AT&T Likely Keeps Exclusivity for 2010" (February 4, 2010). 

Catalysts. Further momentum in fundamentals and the potential for a very successful iPad launch this week should serve as the key near-term catalysts.

Apple -

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