UPDATE: Bank Of America Reiterates On Apple As Aggressive Buyback Should Lead To EPS Revisions

In a report published Friday, Bank of America analyst Scott D. Craig reiterated a Neutral rating on Apple AAPL, and raised the price target from $575.00 to $590.00. In the report, Bank of America noted, “We rate Apple Neutral on: (1) lack of a ‘lower-end' iPhone and price points that will be too high to increase penetration in emerging markets (2) no China Mobile (CM) agreement, (3) a likely less than expected impact from China Mobile, when/if a partnership is announced, (4) another ‘evolutionary but not revolutionary' iPhone product launch, and (5) risk to near term GM% estimates, given typical lower GM% on new iPhones (in this case both 5C and 5S, as opposed to only one new launch).” Apple closed on Friday at $535.92.