Jefferies & Company Reiterates Buy Rating, $900 PT on Apple

In a report published Friday, Jefferies & Company reiterated its Buy rating and $900.00 price target on Apple

. Jefferies noted, “QCOM's analyst day had implications for the broad smartphone, tablet, and mobile market in the short to medium term. In particular, smartphone ASPs are declining and the iPhone 5 is unlikely to launch at China Mobile in H1:13. Smartphones are going to continue to grow, but growth will be low double digits in developed markets and high double digits in developing.” Apple closed on Thursday at $525.62.