UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on Apple

In a report published Wednesday, J.P. Morgan & Co. reiterated its Overweight rating on Apple

, and raised its price target from $675.00 to $770.00. J.P. Morgan noted, “With Apple, we reiterate our Overweight rating and increase our Dec-13 price target to $770, versus $675 previously. We are increasing our iPhone and iPad estimates to adjust for pending new product launches (iPhone 5 and iPad mini). Our estimate revisions possess more of a near- to mid-term impact on our view of Apple's stock. In this 20-plus page report, we also discuss other factors than could augment longer-term growth prospects at Apple. While there is persistent speculation of the next new market entry for Apple, we explore this topic but think that Apple can drive meaningful growth by further penetrating its existing end markets.” Apple closed on Tuesday at 674.97.