It’s nice if you can make a little money with your hobby, don’t you think?
Apple (AAPL) seems to have a modest hit on its hands with the new Apple TV box. JMP Research analyst Alex Gauna writes this morning that the device is selling out in many of the company’s U.S. retail stores.
The analyst reports that checks find that “the new Apple TV product has continued to sell out in Apple stores across the nation after its launch last week.”
“We were not particularly surprised when we couldn’t get our hands on the Apple TV over this past introductory weekend in San Francisco, but when the scarcity persisted into this week it got us to checking and we subsequently learned that stores across the nation were selling out of their inventory on the same day as receipt in Boston, Chicago, New York and Washington D.C.,” he writes, “and online representatives corroborated this strength extends beyond our 20+ store checks.”
Gauna believes Apple TV is selling at a pace at least one quarter to one third that of the iPad, or at least 1 million units a quarter. He says the $99 price point “is resonating with consumers.”
Gauna repeats his Market Outperform rating and $335 target on the stock.
AAPL this morning is up $1.26, or 0.4%, to $290.20.
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