UPDATE: FBN Securities Reiterates Outperform Rating, Lowers PT on Apple

In a report published Friday, FBN Securities reiterated its Outperform rating on Apple

, but lowered its price target from $1,000.00 to $900.00. FBN Securities noted, “We retain our Outperform rating on AAPL but lower our PT from $1,000 to $900 primarily to reflect lower GM assumptions (due to high costs on newer products, mix to lower-margin iPad Mini, and iPhone pricing). However, we are modeling a 5pp Q/Q decline in the iPhone GM (to 46% from 51%) and still obtaining a GM for FQ1/Dec. of 38% (vs. 36% guidance), so we see upside to our above-guidance estimates. Too, AAPL's shares are quite attractive currently. Shares (off roughly $100 over the past month) are trading at a P/E of roughly 10x ex-cash of $128/share, the company has two strong new product cycles currently (iPhone 5, iPad/iPad Mini), and the company continues to gain share (as it outgrows the PC and smartphone markets). Bottom line: the CQ3 ‘throwaway' quarter is now behind, investors should be buying now as and the stronger quarters now begin.” Apple closed on Thursday at $609.54.