An Apple Over-The-Top Television Service Would Be a Win-Win For Both Apple and Media Providers

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Equity Bottom-Up

<ul><li class="p1">We like what we saw out of Apple&rsquo;s jam-packed product&nbsp;announcement event on Sept. 9, as the company continues&nbsp;to push the envelope on hardware, software, and service&nbsp;innovations.</li><li class="p1">Features and pricing around new products like&nbsp;the iPhone 6s and 6s Plus, iPad Pro, and Apple TV were in&nbsp;line with reports leading up to the event, and we don&rsquo;t view&nbsp;Apple&rsquo;s stock sell-off after the event as company-specific,&nbsp;but rather in line with the broader decline in the U.S. stock&nbsp;market.</li><li class="p1">We will maintain our $140 fair value estimate for&nbsp;Apple and consider it to be one of our best investment ideas&nbsp;within the technology sector.</li><li class="p1">Our narrow moat rating for&nbsp;Apple remains intact, while the announcements give us&nbsp;even more confidence in our positive moat trend rating.</li><li class="p1">We&nbsp;think more and more customers are likely to buy additional&nbsp;Apple products and services (like the newest Apple TV),&nbsp;which should increase switching costs around iOS and allow&nbsp;Apple to sell repeat iPhones to this customer base well into&nbsp;the future.</li></ul><p>Analyst: Brian Colello CPA</p><p>Full report below the fold...</p>

We like what we saw out of Apple&rsquo;s jam-packed product&nbsp;announcement event on Sept. 9, as the company continues&nbsp;to push the envelope on hardware, software, and service&nbsp;innovations.Features and pricing around new products like&nbsp;the iPhone 6s and 6s Plus, iPad Pro, and Apple TV were in&nbsp;line with reports leading up to the event, and we don&rsquo;t view&nbsp;Apple&rsquo;s stock sell-off after the event as company-specific,&nbsp;but rather in line with the broader decline in the U.S. stock&nbsp;market.We will maintain our $140 fair value estimate for&nbsp;Apple and consider it to be one of our best investment ideas&nbsp;within the technology sector.Our narrow moat rating for&nbsp;Apple remains intact, while the announcements give us&nbsp;even more confidence in our positive moat trend rating.We&nbsp;think more and more customers are likely to buy additional&nbsp;Apple products and services (like the newest Apple TV),&nbsp;which should increase switching costs around iOS and allow&nbsp;Apple to sell repeat iPhones to this customer base well into&nbsp;the future.Analyst: Brian Colello CPAFull report below the fold...

アップルは、イノベーションが続くテクノロジー業界のベストアイデアの一つであり、公正価値は140ドルを維持している。