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Munster Sees Wal-Mart as Major iPhone Reseller
Tuesday, December 9th, 2008 at 5:19 PM - by Bryan Chaffin
As the stories about Wal-Mart becoming an iPhone retailer circulate, Piper Jaffray analyst Gene Munster told clients that if so, they will become a major part of Apple's iPhone business. More specifically, he believes the discount retailer could sell just as many as Apple's own Apple Store retail locations.
In his research note, Eric Savitz reported on Barron's blog site, Mr. Munster argues that he sees Apple selling 45 million iPhones during calendar 2009, an estimate he had previously made. He expects 30% of those to be in the U.S., and he further expects Apple's retail Apple Stores to sell 30% of those, or 4.5 million, which works out to 22,000 phones per Apple Store during the year.
Extrapolating wildly, Mr. Munster then said that for Wal-Mart to sell the same number of phones, each of its 3,500 stores would only have to sell 1,284 iPhones throughout the year, a number he called "achievable." If so, Wal-Mart would indeed be a major reseller of iPhones, even if each location moved few units compared to Apple's outlets.
Shares in Apple closed higher Tuesday, at US$100.06 per share, up $0.34 (+0.34%), on moderate volume of 42.6 million shares trading hands.
*In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.
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