UPDATE: Deutsche Bank Raises PT to $650 on Apple; Wide-Margin Q1 Beat

Deutsche Bank raises its price target from $600 from $650 on Buy-rated Apple

following the company's significant beat to Q1 estimates. Deutsche Bank notes, "AAPL reported revenues of $39.2B and EPS of $12.30 which beat expectations by a wide margin (vs. Street at $36.8B/$9.93; DB at $33.7B/$9.00). Upside was led by iPhone (35M vs. DB at 26M) and iPad (11.8M vs. DB at 10M), partially offset by light Macs (4M vs. DB at 4.5M). We view Apple's guidance as conservative, but anticipate iPhone growth to slow ahead of the upcoming iPhone 5 launch (October). We raise est's and PT to maintain Buy." AAPL closed at $560.28 on Monday.