Bank of America Reiterates Buy Rating, $570 PT on Apple on Possible Growth Catalyst

In a report published Wednesday, Bank of America reiterated its Buy rating and $570.00 price target on Apple

. Bank of America noted, “As investors continue to look for the next growth driver for Apple, media and investors alike have been speculating on the possibility of Apple launching new iPhone models that are additive to the company's current product line-up (i.e. a 'lower cost' phone and/or larger screen phone). In this report, we assess the case for a lower-cost iPhone. We provide an in-depth analysis of current smartphone market dynamics, especially in the mid-range segment, as well as potential financial impact. We conclude that a lower cost iPhone would be a modest revenue/EPS contributor – nice to have – but adding carriers (i.e. China Mobile, which may not be mutually exclusive with a lower cost iPhone), a larger screen phone, and growth from other products will likely be important also.” Apple closed on Tuesday at $479.93.