UPDATE: Wedbush Securities Raises PT to $885 on Apple on iPhone Catalyst

Wedbush Securities reiterated its Outperform rating on Apple

and raised its price target from $800 to $885. Wedbush Securities commented, "We are increasing our estimates to reflect an earlier-than-expected iPhone 5 launch and likely mini iPad introduction in FQ1 2013. We remain bullish on Apple given its robust product ecosystem, solid product pipeline, continued growth catalysts, and reasonable valuation." Apple closed at $665.24 on Friday.