Sterne Agee Maintains Buy Rating on Apple

According to Sterne Agee, Apple

Buy rating is maintained. Sterne Agee said that it continues to believe that AAPL is positioned to outperform in this tough macroeconomic environment with its defendable strategic and structural advantages and its vertical integration. “Our price target of $500 is based on a conservative 11.6x multiple on our CY12 EPS estimate of $36.15 plus net cash.” Apple closed on Friday at $419.81.