Bernstein Reiterates Outperform Rating, $750 PT on Apple

In a report published Monday, Bernstein reiterated its Outperform rating and $750.00 price target on Apple AAPL. Bernstein Research noted, “In the near term, we suspect that Apple's stock could continue to be range-bound, given worries about the company's ability to eclipse first-quarter and full-year FY13 estimates and given questions about the trajectory of gross margin improvement. For longer-term investors, we believe that Apple offers a compelling combination of attractive growth, reasonable price and significant future option value. We rate the stock Outperform with a target price of $750.” Apple closed on Friday at $520.30.