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So much for the downgrade of Apple AAPL, eh?
Credit Suisse is initiating coverage on Apple with a Wall Street high price target of $500, almost 60% higher than where shares currently trade.
The company makes the point that Apple trades at below 9 times earnings, excluding cash, and is very inexpensive given the potential for 46% growth.
The stock is up $5.69 in pre-market trading to $335.70, a gain of 1.72%.
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