# Profoundd archive — Epstein Files
# Bates number: EFTA00648476
# Title:        From: Jeffrey epstein <jeevacation@gmail.com>
# Dataset:      9
# Pages:        3
# Tags:         epstein, doj, dataset-9
# Source PDF:   https://profoundd.com/epstein-docs/EFTA00648476/download
# Doc viewer:   https://profoundd.com/epstein-docs/EFTA00648476
#
# Text below is what Profoundd has extracted from the source PDF.
# 'ocr-enriched' tag means OCR was applied to scan-only pages.
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#----------------------------------------------------------------------

=== SUMMARY ===
From: Jeffrey epstein <jeevacation@gmail.com> To: "Barrett, Paul S" Subject: Re: Apple Inc. : Stock Radar: Expect More Appreciation Potential in Shares of Apple as iPhone and iPad Soar; Lifting Dec-11 Price Target to $450 Date: Tue, 25 Jan 2011 15:57:42 +0000 Ok Sorry for all the typos .Sent from my iPhone On Jan 25, 2011, at 4:51 PM, "Barrett, Paul S" > wrote: Will do it via a total return swap. 53 weeks. Rather keep the cash for higher yielding things. Also Palladium is down 3% today at $786/o


=== EXTRACTED TEXT ===
From: Jeffrey epstein <jeevacation@gmail.com> 
To: "Barrett, Paul S" 
Subject: Re: Apple Inc. : Stock Radar: Expect More Appreciation Potential in Shares of Apple as iPhone and iPad 
Soar; Lifting Dec-11 Price Target to $450 
Date: Tue, 25 Jan 2011 15:57:42 +0000 
Ok 
Sorry for all the typos .Sent from my iPhone 
On Jan 25, 2011, at 4:51 PM, "Barrett, Paul S" > wrote: 
Will do it via a total return swap. 53 weeks. Rather keep the cash for higher yielding things. 
Also Palladium is down 3% today at $786/oz. We believe that the continued strength in the auto market will drive prices towards 
$1000. Risk is aggressive monetary tightening in Asia and EM. Let's keep this on the radar as I would like to build a small position. 
NDA on this Digital Growth Fund should be ready later today. 
Paul 
Paul Barrett, CFA 
Managing Director 
Global Investment Opportunities Group 
7PMorgan Private Bank 
40W 57th Street, 33rd Floor, New York, NY 10019 
From: Jeffrey epstein [mailto:jeevacation@gmail.com) 
Sent Tuesday, January 25, 2011 10:45 AM 
To: Barrett, Paul 
EFTA00648476
Subject: Re: Apple Inc. : Stodc Radar: Expect More Appreciation Potential in Shares of Apple as iPhone and iPad Soar; Lifting 
Dec-11 Price Target to $450 
Ok 
Sorry for all the typos .Sent from my iPhone 
On Jan 25, 2011, at 4:39 PM, "Barrett, Paul 5" 
Jeffrey 
I think we should buy $3MM worth of AAPL. We raised our px target to $450.00. 
Paul Barrett, CFA 
Managing Director 
Global Investment Opportunities Group 
1PMorgan Private Bank 
40W 57th Street, 33rd Floor, New York, NY 10019 Wrote: 
From: 
Sent: Tuesday, January 25, 2011 10:14 AM 
To: Barrett, Paul S 
Subject: Apple Inc. : Stock Radar: Expect More Appreciation Potential in Shares of Apple as iPhone and iPad Soar; Lifting Dec-
11 Price Target to $450 
MorganMarkets 
Research Email Alertc, 
<image001.png> 
You are receiving this email because you requested the following J.P. Morgan Research using the MorganMarketsAdhoe email 
feature. This is not a subscription and will not cause any other emails to be sent to you. 
<spacer.gif> <image001.png> 
Headline: Apple Inc. : Stock Radar: Expect More Appreciation Potential In 
<image001.png> Shares of Apple as (Phone and IPad Soar Lifting  Dee-11 Price Target <image001.png> 
to 545Q 
EFTA00648477
<image001.png>Author(s): Mark Moskowitz.  Anthony Luscii, Mike Kim <image00 l.png> 
Abstract: 
<image00 l.png> • Shares of Overweight -rated Apple should exhibit upward 
momentum following the strong F1011 results. While the news of 
CEO Steve Jobs taking another medical leave could inject some 
uncertainty into Apple shares, we believe that the strong print-and-
guide should begin to refocus Investors on Apple's unrivaled growth 
story and its staying power. Apple is one of our top picks for 2011. 
• Expected stock movement: going up. We are lifting our Dec-11 
price target to $450 from $420. The below-mentioned 'scorecard' 
and "recommended homework" indicate that investor sentiment 
stands to drive a positive valuation re-rating. particularly as we 
expect Apple's growth profile to be unrivaled in large cap tech. 
Drivers include Apple's break-out performances in Phone. Pad. 
and Asia-Pacific. 
• Results recap: Apple posts strong F1011 results. Apple beat 
our above-consensus revenue and EPS estimates. We had 
previewed the prospects of the iPhone and iPad delivering 
significant upside for the December quarter in our "pre-earnings 
radar" report. The company more than delivered. We are lifting our 
estimates and expect a series of number hikes. We expect the 
iPhone. iPad. and Mac to drive above-peer growth over the next 2-3<image°01.1mg> 
years. 
• Bulls vs. Bears scorecard: Bulls win again. Apple's results and 
guidance continue to exhibit upside momentum. Unit shipments of 
iPhones and iPads came in well above expectations. In particular. 
iPhone and iPad units of 16.2M and 7.3M beat consensus 
estimates of 15.5M and 6.9M. Asia-Pacific stood out as a major 
contributor as Mac revenue in the region increased 67% YoY and 
iPhone revenues more than doubled. Overall. Asia-Pacific revenues 
increased 175% YoY. Gross margins also impressed at 38.5%. 
• Recommended homework. We expect investors to focus on 
Apple's ability to return gross margins to the 39.40% threshold over 
time. Also. investors stand to evaluate the sustainability of Apple's 
early lead in the tablet market relative to competitive tablet offerings 
expected late this year. Lastly. expected iPhone momentum at 
Verizon will be an important topic, as well as Apple's ongoing 
penetration of the 'Target Zone" of the PC market internationally. 
which we believe is just getting started. 
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<AppleInc.pdf> 
EFTA00648478