Deutsche Bank Reiterates Buy Rating, $480 PT on Apple on Lack of Clarity

In a report published Wednesday, Deutsche Bank analyst Chris Whitmore reiterated a Buy rating and $480.00 price target on

. In the report, Deutsche Bank noted, “AAPL reported revs of $35.3B and EPS of $7.47 which beat expectation (vs. DB at $34.0B/$7.00; Street at $35.2B/$7.33). However, underlying drivers were mixed as Apple beat on iPhone units (31M vs. DB at 27M) but missed on iPad (14.6M vs. DB at 15.0M) and posted in-line Mac results (3.8M vs. DB at 3.8M), while iPhone and iPad ASPs were light. Nonetheless, product mix towards iPhone and operating leverage translated into OM (26.0% vs. DB at 25.2%) and EPS upside. Despite the beat, we trim 2014 est's but at ~$433 in the aftermarket (~7.5x CY13 PE ex cash) we believe AAPL represents an attractive value; maintain Buy and $480 PT.” Apple closed on Tuesday at $418.99.