UPDATE: Jefferies Upgrades Apple Following Supplier Meetings in Asia

In a report published Monday, Jefferies analyst Peter Misek upgraded the rating on

from Hold to Buy, and raised the price target from $425.00 to $600.00. In the report, Jefferies noted, “We spent last week in Asia meeting with Apple's suppliers who indicated a substantial shift in attitudes toward Apple. Despite still seeing risk to CQ4 and FY13 revs, we now believe better GMs will allow Apple to skate by until iPhone 6 launches with its 4.8" screen. We est ~50% of smartphone shipments have >4" screens and that iPhone 6 will catalyze a large upgrade cycle. The stock is attractive based on the attitude change, FY15 revs >+15%, and valuation.” Apple closed on Friday at $483.03.