UPDATE: FBN Securities Lowers PT on Apple on New Capital Allocation Program

In a report published Wednesday, FBN Securities analyst Shebly Seyrafi reiterated an Outperform rating on Apple

, but lowered the price target from $650.00 to $575.00. In the report, Seyrafi noted, “We retain our Outperform rating on AAPL and lower our PT from $650 to $575. We are impressed by its new capital allocation program as AAPL intends to spend $58B on share repurchases through the end of C2015 (this improves EPS in F2015 by about $4, or 10%) and to increase in its quarterly dividend by 15% to $3.05 (from $2.65), resulting in a quarterly dividend yield of ~3%.” Apple closed on Tuesday at $406.13.