Hudson Square Research Reiterates Buy Rating, $900 PT on Apple

In a report published Wednesday, Hudson Square Research reiterated its Buy rating and $900.00 price target on Apple

. Hudson Square noted, “Driven by an update to our deep dive into Apple's expanding addressable market, we are increasing our target price from $700 to $900. That said, based on our current forecasts for FY13, our DCF derived target effectively implies a higher multiple – which while deserved in our view, has not been a requirement in our target increases in the last two years. Further, while feasible, we do believe some near-term street iPhone sales targets set the bar unnecessarily high. Finally, we would be disappointed if Apple TV needed to partner with video distribution operators rather than with content creators.” Apple closed on Tuesday at $662.74.