Wedbush Ups Target to $585 on Apple

Wedbush reiterates its Outperform rating on Apple (NASDAQ: AAPL) and raises its price target on shares to $858 (previously $540) as the company crushes estimates.

Wedbush comments, " Monster quarter driven by robust iPhone and solid iPad demand, and upside to all segments. We remain buyers given valuation at 8x adjusted CY12E EPS and likely continued momentum driven by new devices, secular growth trends, and global expansion."

AAPL closed at $420 a share on Tuesday.