"Although the push out of Leopard is not ideal, we view iPhone as the driver of the next leg to the Apple growth story," he said in a research note "and this announcement should abate recent concerns about any potential delay in the launch."
Apple said it will now ship Leopard in October, four months later than originally planned. The delay will cost the company $25 to $50 million in the June quarter and another $100 million in the September quarter, the analyst said, but, he added, the company should be able to recover the revenues in the December and March quarters.
As a result, he expects more conservative June-quarter targets and some short-term weakness in the shares.
In other words, the next few months should provide a 'buy' opportunity for Apple investors and he reiterated his US$110 price target for the stock.
