Wedbush Maintains Outperform on Apple Ahead of Q3 Earnings
Wedbush Securities has published a research report on Apple (NASDAQ: AAPL) ahead of the company's Q3 earnings expected on July 24, 2012.
In the report, Wedbush writes, "We believe Apple asserts its position on our Best Ideas List by keeping its intelligent pace of product sales and releases. As shares trade at a reasonable 11x our adjusted CY13E EPS estimate given estimated LT EPS growth of 23% (PEG ratio of 0.5x), we would remain buyers. We believe that Apple retains its position as the leading integrated electronics ecosystem because of its substantive pipeline of upcoming releases, consumer-attentive upgrades, and regional expansion opportunities."
Wedbush maintained its Outperform rating and $800 price target on Apple, which is currently trading up 1.36 percent from yesterday's $606.26 closing price.
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