UPDATE: BTIG Upgrades Apple to Buy; Updates 2014 Forecast

BTIG upgraded Apple AAPL from Neutral to Buy and announced a $540.00 price target. BTIG analyst Walter Piecyk wrote, "We upgraded Apple to Buy from Neutral and have set a $540 price target that is based on 12x our newly established Fiscal 2014 EPS estimate of $45. We lowered our F2013 revenue estimate by $6.0 billion to $174.0 billion due mainly to lower estimated iPhone and iPad sales. We lowered our F2013 EPS estimate by $2.00 to $41.00, which implies a decline of 7% y/y and is $3 below consensus." Apple closed at $428.35 on Wednesday.