UPDATE: FBN Securities Raises PT on Apple to $730

FBN Securities has published a research report on Apple

after the company launched its "new iPad" yesterday. In the report, FBN Securities writes, "This product has many of the attributes that were expected, including a Retina Display (264 pixels per inch [ppi], double the 132 of the iPad 2; this translates into the expected 2,048 x 1,536 pixel resolution), 4G/LTE capability, a faster processor (A5X, which AAPL claims has 4x the perform of NVDA's Tegra 3 chip vs. 2x for the prior A5) with quad-core graphics, and a higher-resolution (5MP) back-facing camera that has 1080p video recording capability. In order to better cater to overseas markets that have not yet developed 4G capabilities, it supports EV-DO (3.1 Mbps), HSPA (7.2Mbps), HSPA+ (21 Mpbs), and DC-HSDPA (42 Mbps). Note that 4G/LTE has a theoretical maximum speed of 326 Mbps but real-life is more like 72 Mpbs. Capacities and prices are similar to those for the iPad 2 ($499/16GB; $599/32GB; $699/$64GB; $130 additional for 4G wireless capability). AAPL will also keep selling its 16GB iPad 2, but for$399 ($100 reduction)." FBN Securities maintains its Outperform rating and has raised the price target from $650 to $730 on Apple, which closed yesterday at $530.69.