UPDATE: Morgan Keegan Raises PT on Apple to $800

Morgan Keegan has published a research report on Apple

and has raised the price target from $650 to $800. In the report, Morgan Keegan writes, "We view these capital plans to be in line with our expectations of a $10.00 annual dividend and a modest buyback, however, we are raising our price target to $800/share as we roll forward to 2013 earnings estimates and given the better market valuation seen over recent weeks." Morgan Keegan maintains its Outperform rating on Apple, which is currently trading up $11.84 from Friday's $585.57 closing price.