UPDATE: Nomura Reiterates Neutral Rating, Raises PT on Apple on Near-Term Boost, Remaining Structural Issues

In a report published Wednesday, Nomura analyst Stuart Jeffrey reiterated a Neutral rating on

, and raised the price target from $420.00 to $480.00. In the report, Nomura noted, “Apple retained its pricing structure with its new iPhone portfolio. In not chasing a new lower price point and through taking out some key component costs with the 5c, we believe that Apple has likely ensured stable gross margins in the next couple of quarters. The lowest iPhone price point remains at $450, meaning that Apple has not expanded its addressable market by targeting more price sensitive market segments. A deal with Docomo was confirmed and an announcement regarding China Mobile seems imminent, boosting near-term estimates. 2014 could yet turn out to be a great year for Apple, but there was nothing concrete to point to emerging from yesterday's presentation. Until innovative new products are launched in 2014, we see limited upside in the share price.” Apple closed on Tuesday at $494.64.