UPDATE: Topeka Capital Markets Reiterates Apple at Buy, $1,111 PT
Topeka Capital Markets reiterated its Buy rating on Apple (NASDAQ: AAPL) and maintained its $1,111 price target.
Topeka Capital Markets commented, "This morning, the final November sales numbers for our Apple Monitor have been reported and the performance handily exceeded historical averages. In our view, Apple's stock continues to battle tax-related selling and chart-focused challenges; however, we believe the fundamental trends remain strong and we expect the stock to snap back sharply as these issues abate. Trading at just 7.7x (ex-cash) our CY13 EPS projection, Apple is simply too cheap to ignore at current levels, especially given the Company's growth prospects, near-term portfolio line-up and long-term positioning for the ramp of the mobile Internet."
Apple closed at $529.09 on Friday.
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