Sterne Agee Maintains Buy on Apple After iPad Event

Sterne Agee has published a research report on Apple

after the company's 4G LTE Capable iPad announcement yesterday. In the report, Sterne Agee writes, "We view 4G LTE wireless as arguably the most important new feature. The reason is that it is substantially faster (up to 10x more at 73 megabits vs. 7.2 megabits for 3G) and AAPL's first mobile device to incorporate it. In addition, unlike competitors, AAPL is delivering strong battery life (9 hours using 4G LTE and 10 hours on 3G). We do not believe this can be easily replicated as AAPL is unique in the industry with its core ownership of key intellectual property including battery chemistry, systems design, and software. We also continue to believe this is a strong indication that AAPL's next-generation iPhone (that will likely ship in the fall time frame) will also incorporate 4G LTE." Sterne Agee maintains its Buy rating and $620 price target on Apple, which closed yesterday at $530.69.