UPDATE: Auriga Ups Target to $650 on Apple

Auriga reiterates its Buy rating on Apple

and raises its price target by $100 to $650 on a stellar quarter. Auriga says, "Apple posted blow-out F1Q12 results, driven primarily by the iPhone, but just about all other product areas contributed upside as well. We continue to believe the iPhone offers potential to drive substantial upside to consensus estimates for 2HF12 and F13, and our new estimates assume 55% top-line growth for F12. Thus we believe the medium term trend will continue to be increasing estimates for a stock that is now trading at a 10 year low PE of just 9.4x our C12 estimate, and that last year delivered a 57% ROIC and currently sports a free cash flow yield of roughly 8.1%." AAPL closed at $420.41 a share on Tuesday.