• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens

2

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

3

As AI slashes white-collar jobs, Salesforce CEO Marc Benioff says almost no one is being hired—except in sales

1

As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens

2

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

3

As AI slashes white-collar jobs, Salesforce CEO Marc Benioff says almost no one is being hired—except in sales

Gene Munster sees his own shadow

By
Philip Elmer-DeWitt
Philip Elmer-DeWitt
Down Arrow Button Icon
By
Philip Elmer-DeWitt
Philip Elmer-DeWitt
Down Arrow Button Icon
October 15, 2010, 10:32 AM ET

Once the darling of the Apple bulls, Piper Jaffray’s senior analyst now walks a cautious line



Source: Silicon Alley Insider

In June 2007, three weeks before Steve Jobs sold his first iPhone, Gene Munster predicted that within two years Apple (AAPL) would be shipping them at the rate of 45 million a year — a call he reiterated 9 months later, along with a road map specifying exactly how the company would do it.

In fact, Apple sold 25 million iPhones in 2009 — 20 million short of Munster’s target. The company probably won’t sell 45 million in 2010, either, although it could get close.

All this is to help explain why the Gene Munster of 2010 is not the Gene Munster of 2007. He’s hardly an Apple bear. He does a lot more shoe-leather research than most analysts, and he’s still one of the most sought-after talking Apple heads on cable TV. (His interview Thursday with Silicon Alley Insider‘s Henry Blodget, in which Munster calls Steve Jobs “irreplacable” and backs off an earlier prediction that Apple would hit $1,000 a share, is pasted below the fold.)

But having made his name with estimates considerably more aggressive, and prescient, than the Street’s, he’s turned into one of the most cautious Apple analysts — and not one of the most accurate. He came in 21st out of 32 in our Q3 Earnings Smackdown and 23rd in the more comprehensive Deagol Ranking (see here). As recently as Oct. 5 he was still sending clients a spreadsheet that had Apple selling 2.244 million iPads in the quarter that ended 10 days earlier — more than 2.5 million units shy of the Street’s consensus.



He finally updated his numbers in a note issued Friday — the first of a wave of last-minute analyst’s reports expected before Monday’s Q4 earnings call — which we’ve summarized at right. But his iPhone and iPad estimates are still below the Street’s, and he’s warning investors not to look for the kind of earnings beat they’ve come to expect in the past.

“The Street is looking for EPS of $4.05. Assuming a typical beat over the past 17 quarters, Apple would report $4.80. To get to $4.80 on $18.8b in revenue would require gross margin of 43%, well ahead of 39.1% in June, the Street’s 38% September estimate and guidance of 35%. The bottom line is the mix shift and revenue upside driven by the lower margin iPad (about 30% gross margin) significantly tempers EPS upside potential.”

In other words: he’s cautious.

“We’ve stuck our neck out more than any other analyst,” Munster says in his defense. “And we continue to do so. If you look at the numbers, we’ve been wrong in the past — very wrong. But in terms of who knows where the Apple story is going, I think we’re just as sharp today as we were in 2004.”

Below: That Henry Blodget interview.

[vodpod id=Video.4680387&w=425&h=350&fv=me%3DooyalaPlayer736686304_wtbsk3%26amp%3BembedCode%3D1yMWhyMTrr-cgUhun6jcTX0z5SK8WmMO%26amp%3Bwidth%3D560%26amp%3Bheight%3D316%26amp%3BratingProviderCode%3DBhdmY6l9g002rBhQ6aEBZiheacDu%26amp%3BcontactServer%3Dplayer.ooyala.com%2FQ2HGKJ-PryQsG7CT%26amp%3Btext%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–Vn8ls23k0Fgljk-xtPMha5Do7c84Sv5ViXYrHMFGDNvQer1LqpZZlJE%26amp%3BdocUrl%3Dhttp%253A%2F%2Fwww.businessinsider.com%2Fgene-munster-steve-jobs-irreplaceable-2010-10%253Futm_source%253Dfeedburner%2526utm_medium%253Dfeed%2526utm_campaign%253DFeed%25253A%2Btypepad%25252Falleyinsider%25252Fsilicon_alley_insider%2B%252528Silicon%2BAlley%2BInsider%252529%26amp%3BloadStartTime%3D1287150897496]

[Follow Philip Elmer-DeWitt on Twitter @philiped]

About the Author
By Philip Elmer-DeWitt
See full bioRight Arrow Button Icon

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

America finally crushed smoking—then defunded the playbook
HealthTobacco
America finally crushed smoking—then defunded the playbook
By Mike Stobbe and The Associated PressMay 29, 2026
4 hours ago
Reverse Health App Review (2026): Our Honest Thoughts
HealthWorkouts
Reverse Health App Review (2026): Our Honest Thoughts
By Emily PharesMay 29, 2026
7 hours ago
Green Chef Review (2026): Opinions from Testers and Experts
Healthmeal delivery
Green Chef Review (2026): Opinions from Testers and Experts
By Christina SnyderMay 29, 2026
7 hours ago
Best certificates of deposit (CDs) for May 2026
Personal FinanceCertificates of Deposit (CDs)
Best certificates of deposit (CDs) for May 2026
By Glen Luke FlanaganMay 29, 2026
8 hours ago
Dan Rogers speaking on stage.
AIAsana
Asana was battered by the AI boom. Now it’s betting its future on humans and agents working together.
By Beatrice NolanMay 29, 2026
8 hours ago
Russia warns war costs are ravaging its finances while Ukrainian ‘drone overmatch’ sends Putin’s forces reeling in new phase of combat
PoliticsRussia
Russia warns war costs are ravaging its finances while Ukrainian ‘drone overmatch’ sends Putin’s forces reeling in new phase of combat
By Jason MaMay 29, 2026
9 hours ago

Most Popular

As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens
Magazine
As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens
By Emma HinchliffeMay 27, 2026
3 days ago
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
Success
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
By Preston ForeMay 21, 2026
8 days ago
As AI slashes white-collar jobs, Salesforce CEO Marc Benioff says almost no one is being hired—except in sales
Success
As AI slashes white-collar jobs, Salesforce CEO Marc Benioff says almost no one is being hired—except in sales
By Emma BurleighMay 28, 2026
1 day ago
Current price of oil as of May 28, 2026
Personal Finance
Current price of oil as of May 28, 2026
By Joseph HostetlerMay 28, 2026
2 days ago
UBS says Ron DeSantis has a problem with his plan to help 92% of homeowners save on property taxes: His own state's data
Personal Finance
UBS says Ron DeSantis has a problem with his plan to help 92% of homeowners save on property taxes: His own state's data
By Nick LichtenbergMay 28, 2026
1 day ago
The river that supplies 40 million Americans is down to 23% — and about to make a $25 million bet on one fish
Environment
The river that supplies 40 million Americans is down to 23% — and about to make a $25 million bet on one fish
By Dorany Pineda, Brittany Peterson and The Associated PressMay 27, 2026
3 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.