UPDATE: Bank of America Merrill Lynch Reiterated Buy Rating, Raises PT for Apple

In a report issued earlier today, Bank of America Merrill Lynch reiterated its Buy rating for Apple Inc.

, along with raising its price target from $730 to $770. BofA Merrill Lynch went on to say in the report “We remain positive on Apple's growth potential given its opportunity to gain market share in large addressable markets, especially in the PC and handset markets. We find Apple's valuation compelling, particularly based on the upside potential from revenue and earnings growth in the Mac/PC and iPhone segments and from gross margins, which we think should more than outweigh the near-term slowdown in iPod units and consumer exposure.” Apple Inc. closed yesterday at $626.20.