Список проголосовавших за комментарий " <table class="BriefingDataTable" border="0" cellspacing="0" cellpadding="0"><tr> <td class="tickerColumn"> </td> <td class="articleColumn">Apple downgraded to Buy from Strong Buy at Needham; tgt raised to $165 — remains Top Pick (140.92)Needham downgrades AAPL to Buy from Strong Buy and raises their tgt to $165 from $150. When they put a $150 target price on AAPL last March, some said they were crazy. AAPL remains their top stock pick owing to RAPID: a) Recurring revenue streams imply higher earnings growth and valuations; b) Arms dealer in a rising tide; c) Pure play on strong mobile growth; d) Inexpensive, especially because it has higher profit margins than <strong>DIS</strong> and <strong>CBS</strong> and higher asset efficiency than <strong>FB</strong> and <strong>EXPE</strong>, but much lower valuations; and e) Downside protection from its «sequel» strategy, excess cash, dividends and share repurchases. AAPL's GAAP FY18E P/E is 13.9x, which ignores AAPL's excess cash. Adjusting for AAPL's excess cash, its P/E is 11.6-12.8x (depending on tax rate).</td> </tr></table>"