Don't Wait to Buy Apple (AAPL) - Analyst

May 30, 2013 9:31 AM EDT
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Price: $120.00 +0.18%

Rating Summary:
    60 Buy, 10 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Investors shouldn't wait until June to buy shares of Apple (Nasdaq: AAPL), thinks analyst Maynard Um of Wells Fargo. He sees sentiment improving well ahead of expected product launches later this year.

"We reiterate our Outperform rating and believe investors should not wait for June quarter results as we believe sentiment could improve into further supply chain builds, Apple's Worldwide Developer Conference (early June) and into multiple product launches in the back half of the year," said Um.

"Avago (Nasdaq: AVGO) notes initial ramp of next-gen smartphone at its largest N. American OEM customer, which we believe is Apple. Avago's comments suggest that Apple's new iPhone launch is likely in the September timeframe, which is in line with our expectations. Avago noted it is already seeing an initial ramp of a new product transition (we believe iPhone 5S) and expects a greater ramp in the following quarter (October quarter)," add the analyst.

Wells Fargo has an Outperform rating on Apple with a price target of $485-$525.

For an analyst ratings summary and ratings history on Apple (NASDAQ: AAPL) click here. For more ratings news on Apple click here.

Shares of Apple closed at $444.95 yesterday.

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