UPDATE: Societe Generale Upgrades Apple to Buy, Raises PT Ahead of Q4 FY13 Results Announcement

In a report published Monday, Societe Generale analyst Andy Perkins upgraded the rating on Apple AAPL from Hold to Buy, and raised the price target from $500.00 to $575.00. In the report, Societe Generale noted, “Apple is to announce its Q4 FY13 results on 28 October. We are expecting sales of $38bn (cs $36.7bn, guidance $34bn to $37bn), gross margin of 36.9% (cs 36.8%, guidance 36% to 37%) and an EPS of $8.3 (cs $7.9, guidance $6.8 to $8.0). The key question will be over the success of the new 5s and 5c iPhones.” Apple closed on Friday at $508.89.