UPDATE: Bank of America Lowers PT on Apple on Positive Growth Outlook

In a report published Wednesday, Bank of America analyst Scott D. Craig reiterated a Buy rating on Apple AAPL, but lowered the price target from $540.00 to $500.00.

In the report, Bank of America noted, “We remain positive on Apple's growth potential given its opportunity to gain market share in large addressable markets, especially in the PC and handset markets. We find Apple's valuation compelling, particularly based on the upside potential from revenue and earnings growth in the Mac/PC and iPhone segments and from gross margins, which we think should more than outweigh the near-term slowdown in iPod units and consumer exposure.”

Apple closed on Tuesday at $418.89.