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News
Piper Jaffray Sees iTunes Accounting for 5% of Apple’s Revenue in CY06
Wednesday, August 10th, 2005 at 3:00 PM - by Brad Cook
Piper Jaffray analysts Gene Munster and Michael Olson have issued a new research report on Apple in light of the successful launch of the iTunes Music Store in Japan. They are currently modeling iTunes income that accounts for 5% of Apple's total revenue during calendar year 2006 (CY06), with the potential for 1.35 billion songs sold during that 12-month period. They also see Apple selling over 32 million iPods during CY06, bringing the company to an install base of almost 70 million MP3 players by the end of that year.
The analysts arrived at their numbers by looking at the number of iTunes downloads during the previous quarter, along with the total iPods sold, and estimating an average of 6.1 songs sold per iPod in the install base. However, their own current estimate is 877 million songs sold by the end of CY06, based on a more modest increase each quarter. "We do not expect a massive impact on earnings from iTunes upside in CY06," they write, "but continued growth could provide measurable leverage as volumes become more significant."
Piper Jaffray maintains its "Outperform" rating on Apple's stock, with a US$52 12-month price target. At the close of trading on Thursday, Apple's stock was $43.97, up 1.36% for the day.
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