Philip Elmer-DeWitt for CNN Money:

“We do not expect Apple TV this year,” wrote [Mike Moskowitz,] J.P. Morgan’s chief Apple (AAPL) watcher. “Our research does not indicate any looming TV-related product launch, and our model does not incorporate any potential impact from a TV device at this time. Despite the constant hum of media and investor speculation, we think any product entry will be measured in years, not quarters.”

Piper Jaffray’s Gene Munster has been trumpeting Apple’s next big thing as an Apple-branded TV set for so long now, I think some people just assume it’s fact, and that it’s a question of when, not if. I still hold that it makes absolutely no sense for Apple to get involved in such a saturated market. Apparently Moskowitz agrees with me.