Gene Munster: Apple Developing Cheaper, Innovative iPods

     Piper Jaffray Analyst Gene Munster writes in a research note to clients on Monday that Apple is “in position to transform the portable music market into a portable computing market”. Munster believes the company will “introduce cheaper, innovative iPods with Wi-Fi and multi-touch technology” in the near future with email and web browsing applications included as well. Munster reasons that due to a significant slowdown in growth of the standalone digital audio player market, Apple has to maintain growth in its iPod business by introducing more functionality within its iPod player. “We believe that the iPod touch is the first of several Internet-connected iPods that Apple is currently developing” say Munster, reiterating his buy rating and $250 price target on Apple stock.

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