Piper Jaffray analyst Gene Munster has posted the results of his teams 10-hour research which saw them counting Mac and iPhone sales in five Apple Stores in the United States on Black Friday.
In his research Munster noted that Apple was offering discounts on seven products and those discounts averaged 8%. Mac Sales averaged 13 sales per hour, up from 2 per hour earlier in November. iPhone sales averaged 3.4 per hour up from 1.3 earlier in the month.
Munster concluded that Macs are selling better than expected and iPhones are in line with expectations.
Also in his report Munster explains how he can maintain a target on AAPL of $250 a share. Munster writes that his target is based on 20 times earnings and is using Apple’s non-GAAP earnings which included revenue from the iPhone.
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