UPDATE: Topeka Capital Markets Reiterates Buy Rating on Apple

Topeka Capital Markets reiterates a Buy rating on Apple

and a price target of $1,111. Topeka Capital Markets notes, “Apple Monitor tracks sales trends across the Taiwan supply chain at leading Apple suppliers that generate a high percentage of revenues from Apple products. We use the Apple Monitor to augment our own checks and research, rather than as a standalone tool, as new product launches and inventory adjustments can sometimes skew monthly results. We estimate 50-60% of sales in the Apple Monitor are derived from Apple. Revenues for the Apple Monitor are shown on an aggregate basis and the individual companies are not disclosed.” Apple closed at $605.88 on Friday.