Jefferies Reiterates Hold Rating, $425 PT on Apple on Potential of 64-bit Chip

In a report published Thursday, Jefferies analyst Peter Misek reiterated a Hold rating and $425.00 price target on

. In the report, Jefferies noted, “Apple's shift from 32-bit to 64-bit for the A7 chip has perplexed many people as it provides little immediate benefit; however, we believe that longer term it is a game changer as apps are rewritten and cross platform capabilities become utilized. We view 64-bit as an example of the investments Apple needs to make to stay competitive despite limited near-term payback. We reiterate our Hold rating and $425 price target.” Apple closed on Wednesday at $464.68.