UPDATE: JP Morgan Reiterates Apple at Overweight on LTE Availability Boost

JP Morgan reiterated Apple

at Overweight with a $725 price target. JP Morgan noted, "While the carriers will be making multi-year investments beyond 2015, we think that the next 12-18 months could usher in a healthier level of LTE-based network availability, driving the next adoption cycle within the smartphone market. We think that both Apple and Samsung can be market leaders. While Samsung is likely to take the crown in units, we expect Apple, with its less-fragmented iOS user base, to grab a higher proportion of smartphone profits. In this report, we also highlight relative valuation metrics versus a broader comp group, showing Apple's recent stock sell-off as overdone, in our view." Apple closed at $479.93 on Monday.