Cantor Fitzgerald Starts Apple (AAPL) at Buy with $777 Target

September 4, 2013 7:16 AM EDT
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Price: $120.13 +0.29%

Rating Summary:
    60 Buy, 10 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 29 | Down: 29 | New: 23
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Cantor Fitzgerald initiated coverage on Apple (NASDAQ: AAPL) with a Buy rating and a price target of $777.00. Analyst Brian White thinks the stock is poised to rally ahead of its new product cycle.

"Appleā€™s stock has been challenged this year and down 8% YTD vs. a 15% increase for the S&P 500 Index; however, we believe the stock is in the midst of a recovery. In our view, Apple is on the verge of an extended product cycle that we believe will include a refresh of existing products, increased penetration within existing device categories and entirely new market opportunities," said White.

"There has been much concern around Apple's pace of innovation over the past year; however, we remind investors that it took Apple six years to introduce a new product category after the iPod and it took three years after the iPhone was introduced to unveil the iPad. As such, if Apple were to introduce "iTV" or "iWatch" over the next year, this would be slightly ahead of historical cycles," he added.

NOTE: Brian White was formerly with Topeka and at one point had an $1,111 price target on Apple

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $488.58 yesterday.

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