SMF NOTES Kaufman notes buy-side investors primary concern with Apple is its high ASPs and whether it can deal with the deteriorating macroeconomic environment.
This is in contrast to previous concerns with its mgmt transition a few weeks ago.
Firm thinks a key reason why Apple has not been involved in price wars is simply that its products are very differentiated with its own operating system and application software, not to mention its distinctive industrial design.
In the bigger picture, they think personal computers and other computing devices like smart phones have become such an essential part of people's lives, that people are willing to pay a premium to make their lives easier and more productive.
They think another reason why Apple has not been impacted as much is that many of its key products are still relatively fresh; business is very product cycle driven.
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