J.P. Morgan Overweight on Apple

J.P. Morgan Chase & Co. is out with a research report on Apple

and it has an Overweight rating and a $525 price target on shares. In a note to clients, J.P. Morgan Chase & Co. writes, "We do not expect a launch of the iPad 3 this year, but there's no rush. In recent months, there has been rising investor speculation that a new iPad 3 would be launched for the holiday season. Our latest research continues to indicate that there is no such device slated for production this year. In our view, Apple should be in no rush. The other tablet entrants have stumbled so far, and that trend-line could persist deep into 2012. MMI and RIM have been recent disappointments, and we expect more stumbles from others." Shares of AAPL gained $3.66 yesterday to close at $392.96.