Credit Suisse Defending Apple, Has $500 Price Target (AAPL)

So much for the downgrade of Apple AAPL, eh?

Credit Suisse is initiating coverage on Apple with a Wall Street high price target of $500, almost 60% higher than where shares currently trade.

The company makes the point that Apple trades at below 9 times earnings, excluding cash, and is very inexpensive given the potential for 46% growth.

The stock is up $5.69 in pre-market trading to $335.70‎, a gain of 1.72%‎.