Apple: Multiple Reasons To Stay Bullish Beyond iPhone 5

Apple hasn't even announced the iPhone 5 - heck, the company so far hasn't even acknowledged that the thing exists - and already the company's shareholders want to know what it can do for an encore.

Piper Jaffray analyst Gene Munster thinks the answer is, plenty.

In a research note this morning, Munster walks through some of the reasons he thinks investors should be feeling bullish about the stock beyond the coming iPhone refresh.

• In the fall of 2013, the company will likely launch iPhone 6. Munster notes that some investor fear the hype won't be as high as it heading into iPhone 5.
• But he also predicts that as existing iPhone next year will drop to an unsubsidized price of $200 from $375 today for the 3GS 9 GB model. "This should accelerate share gain in emerging markets and increase investor confidence in the sustainably of Apple's overall growth," he says. Munster thinks the company can accelerate iPhone sales to 34% unit growth in calendar 2014 from 25% in 2013, driven in part by a cheaper iPhone offering. He thinks the company's market share in smartphone can grow to 32% in 2015, from 20% this year.
• He sees iPad growth accelerating with a late 2012 launch of a smaller-size iPad, likely with a 7-8 inch screen. He notes that of the 25%-30% of the tablet market that Apple does now own, about 75% consists of 7 inch tablets. If the company can take 50% of the 7 inch market, the overall result should be a 10% boost to Apple's market share.
• The launch of Apple Television grows closer. "While the concept of Apple introducing an actual television is nothing new, most buy side investors are mixed [on whether] the television is a reality," he writes. "Given this skepticism, we believe Apple launching a Television will be a catalyst for shares. Our confidence that the Apple Television is real is primarily based on our checks with component suppliers, as well as Steve Jobs' biography, and Tim Cook's comments on the June conference. We expect Apple could launch the TV in mid to late 2013 and continue to believe the company will announce the TV ~6 months ahead of launch to freeze the market." He thinks the TV will sell for $1,500-$2,000 at retail and could add 4-8% to calendar 2013 revenues.

Apple is down $3.13, or 0.5%, to $659.50.

For more, read:

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