With a newly refreshed product lineup and pent-up demand for its devices, Apple (NASDAQ:AAPL) will have a standout holiday shopping season, according to Topeka Capital analyst Brian White. White, who wrote in a research note on Monday that the recent sell-off of Apple shares was “insanely insane,” cited a Consumer Electronics Association survey in a new analysis released on Tuesday.
According to the survey, tablets were now the most-desired holiday present among U.S. adults with 16 percent of the vote, while television sets followed with 10 percent and smartphones came in next at 8 percent. White said Apple’s products will be particularly in demand. “This holiday season will belong to Apple, as the product lineup has never been stronger with a recent refresh across 80 percent of the company’s portfolio, combined with spending trends in the consumer electronics world that favor areas such as tablets and smartphones,” the analyst said.
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While the poll found consumers planned to spend less on electronics this year — 30 percent of their total budget to 32 percent last year — the demand for tablets grew rapidly. Last year the CEA found that 14 percent of U.S. adults wanted a tablet for the holidays. The survey added that holiday retail sales were likely to rise by 3.4 percent this year, slower than in 2011 when they were up 3.68 percent.
White has a Buy rating on Apple stock and a $1,111 price target.
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