UPDATE: Deutsche Bank Raises PT on Apple to $600, Reiterates Buy

Deutsche Bank maintains its Buy rating on Apple

and raises its price target by $70 to $600 on a stellar quarterly report. Deutsche Bank comments, "AAPL reported revenues of $46.3B and EPS of $13.87 which beat expectations by an enormous margin (vs. DB at $38.8B/$10.00 and Street at $38.7B/$10.00). Upside was driven by iPhone (37M vs. DB at 28M), iPad (15M vs. DB at 14M) and Macs (5.2M vs. DB at 5.0M). We view Apple's guidance as conservative in light of product momentum (iPhone 4S, iOS 5), expanding distribution (carriers/int'l ramp) and believe upcoming product refreshes (Apple TV, iPad 3 & iPhone 5) will drive further growth into 2013." AAPL closed at $420.41 a share on Tuesday and is up signifcantly (~7.6 percent) pre-market.