UPDATE: FBN Securities Raises PT to $760 on Apple

FBN Securities increases its price target to $760 on Outperform-rated Apple

following the company's announcement of a dividend and share buyback program. FBN Securities says, "We retain our Outperform rating and raise our PT on AAPL from $730 to $760. AAPL finally decided to initiate a dividend (initial yield: 1.8%) that, in our opinion, may expand meaningfully going forward (especially if tax laws change). These actions will expand the pool of investment funds that can invest in the name, so are positive for the stock. The $10B stock repurchase plan, over three years, seems a bit low for now. However, we believe that it is an initial step and it could expand substantially in the future." AAPL closed at $597.84 a share on Friday.