Topeka Capital Markets Reiterates Buy Rating, $1,111 PT on Apple

In a report published Wednesday, Topeka Capital Markets reiterated its Buy rating and $1,111.00 price target on Apple

. Topeka Capital Markets noted, “Our top large-cap stock pick in the IT Hardware & Networking group for 2013 is Apple. The negative sentiment around the stock has reached epic levels that we haven't seen in recent memory and yet we believe the product portfolio has never been stronger. In August 2011, Steve Jobs indicated that ‘Apple's brightest and most innovative days are ahead of it' and we agree. As such, we believe the risk-reward around Apple remains extremely attractive and the stock is now trading at just 6.8x (ex-cash) our CY13 EPS estimate.” Apple closed on Tuesday at $85.92.