UBS launches Apple at ‘Buy’; expects new ultra-portable Mac in ‘09; predicts Dell ‘smartphone’

"UBS analyst Maynard Um today launched coverage of the PC sector, setting a Buy rating on Apple (AAPL) and Neutral ratings on Dell (DELL) and Hewlett-Packard (HPQ)," Eric Savitz blogs for Barron's.

"Um takes over coverage of the stocks from Ben Reitzes, who now covers the sector for Lehman," Savitz reports.

Um has a 'Buy' rating on AAPL, Savitz reports, "with $195 price target. Um says he expects new Macs, new iPhone colors, and potentially new iPods early in the second half of the calendar year. He says a new ultra-portable Mac and a new iPhone are coming in the first half of ‘09. Um says that the beat and raise story is 'still intact' and that gross margin guidance for FY 2009 may prove conservative. He sees profits of $6.09 a share in the September 2009 fiscal year, and $7.25 in FY 2010."

Full article, in which Um "contends Dell will enter the smartphone market within 6-12 months,"
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