The impact on Apple is not clear yet. But the French are late; Microsoft and Apple are already dominating the market.

Investors do not appreciate the superior financial dynamics at Apple and do not accord it the valuation it deserves - because, in our minds ­­-- Apple is still viewed by many as a reformed alcoholic - just one step away from returning to the gutter. We have a different view and think there is a great team.

We come too late to say anything which has not been said already

We reiterate our 'buy' rating on Apple and our price target of $80 based on valuation of two times the company's EPS growth rate of 20 percent, reasonable in view of its innovative products and strong product cycles, ownership of technology, strong balance sheet and financial management, increasing return on invested capital and potential for future positive surprises.

is not yet clear of legal jeopardy.

If I were running Apple, I would milk the Macintosh for all it’s worth – and get busy on the next great thing. The PC wars are over. Done. Microsoft won a long time ago.