Munster: ‘Underwhelming’ Macworld Keynote Signals Jobs Is Still In Charge

Although Apple marketing head Phil Schiller announced a 17-inch MacBook Pro and more DRM-free music from iTunes, one analyst believes what wasn’t said is what counts most.

Gene Munster, the Piper Jaffray analyst and Mac-watcher, wrote Tuesday that the lack of many fireworks during Schiller’s talk signaled “Steve Jobs remains primary spokesman and active leader” for Apple.

The question of how active Jobs will be as CEO while he undergoes therapy for a “hormone imbalance” was raised Tuesday when brokerage firm Oppenheimer & Co. wondered if Jobs could fully perform as head of Apple.

In what amounted to a split decision, the Wall Street financial analyst upgraded the Cupertino, Calif.-based company to “outperfrom” from “perform” but lowered its target stock price by $10 to $135.

For his part, Munster told clients while Jobs bypassed his traditional Macworld speaking gig, “we expect him to continue to appear at special events for all major announcements.”

Munster called Tuesday’s Macworld keynote “underwhelming,” confirming lowered expectations analysts voice prior to the tradeshow’s opening. The consensus is that while 2009 is the last Macworld for Apple, the technology player has its retail stores, along with other conferences for major announcements.

Before the December announcement that Jobs would hand over keynote duties to Schiller and Macworld Expo 2009 would be Apple’s last appearance at the tradeshow, analysts expected the CEO would announce a low-cost iPhone. In the aftermath of the withdrawal, expectations were lowered, with any major product introduction happening later this year.

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