Zune Media Player does not do much for (MSFT) Microsoft values.

The technology is in competition with the giant Apple (AAPL) and SanDisk (SNDK) in the market for portable media players.
We currently estimate Tref price of about $ 28 for shares of Microsoft, 11% above the current market price of about $ 25.

Tref members have made forecasts for two key Microsoft stock over the past week: (1) Average sales price and Zune (2) on the world market portable media player. Forecasts suggest that members of Zune average selling price was slightly below the estimate of the trend Tref, while the global market portable media player will tend slightly higher.

We estimate that Xbox & Zune constitute around 1% of the $28 Trefis price estimate for Microsoft’s stock. Below are charts showing recent estimates created by Trefis members for the two drivers .

Phone With Windows 7, the Zune Desktop client will have a role similar to iTunes does with the iPhone – you can purchase and review applications for the computer, and sync your phone. Although the selection is very limited at this time – not surprising given the operating system has not yet officially launched – seems to have at least one interesting new feature: applications purchased can be sent to your phone over the air.

Not quite revolutionary to have a desktop client, but it is nice to see how it will look like, and some details.

We’ve got some more shots, after the jump.