Apple Inc. (NASDAQ:AAPL)’s Mac and iPod sales are still falling, although that shouldn’t be any surprise to investors. Well-known Piper Jaffray analyst Gene Munster took a closer look at the latest data on NPD sales, and he said they see the data as neutral or possibly even a slight positive for Apple Inc. (NASDAQ:AAPL).

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Apple’s Mac Sales Are Flat To Down

Of course as the computer market decelerates, it’s natural to see Mac sales fall. Apple Inc. (NASDAQ:AAPL) reported a 2 percent year over year decline in Mac sales in its March quarter.

Munster said they had been expecting to see a 5 percent decline in Mac sales year over year, so the fact that they aren’t declining as quickly as expected may be a slight positive for the iPhone maker. He also pointed out, “Macs are becoming a less and less meaningful piece of the Apple story.”

He pointed to supply issues related to Apple Inc. (NASDAQ:AAPL)’s Mac redesign, which likely impacted the company’s Mac sales over the last six months. They believe iPads will continue to cannibalize Mac computers, and they have left their 5 percent estimated decline in Mac sales year over year for Apple’s June quarter.

Now Munster said they’re looking for new core themes to be introduced in the second half of this year, including a less expensive iPhone and an iTV.

The iPod Story is More Dramatic

Turning his attention to iPod sales, he said the data indicates that they declined 36 percent year over year through April. For Apple Inc. (NASDAQ:AAPL)’s June quarter, they believe iPod sales will decline 23 percent year over year.

Munster: Still an Apple Fanatic

Of course Munster also reiterated his overweight rating and $655 per share price target on shares of Apple Inc. (NASDAQ:AAPL). The stock actually rose about 2 percent during the regular trading day on Monday.