WALL STREET COMES TO APPLE'S RESCUE: Hon Hai Is A Terrible Proxy, Says Oppenheimer

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After getting hit by a downgrade this morning, Apple analysts on Wall Street are out with defenses of the company this afternoon.

Apple stock is down 4%, thanks in part to a report from JMP Securities this morning which said Apple’s earnings may not blow out expectations because its manufacturing parter Hon Hai (the parent of Foxconn) has seen slowing sales growth.

Oppenheimer says Hon Hai’s growth is a terrible proxy for Apple, and trading on JMP’s report is a mistake.

In addition to Oppenheimer’s defence of Apple, Ticonderoga is also sticking up the company saying the momentum of the iPad is amazing and will drive Apple to new heights.

Ticonderoga asks, “how many other companies in the world would consumers be willing to wait in line for six hours or more to buy a new product?”

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