Susquehanna Starts Apple (AAPL) at Positive, Citing Significant Growth Potential

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Susquehanna initiates coverage on Apple (Nasdaq: AAPL) with a Positive rating and $155 price target, saying iPhone momentum is building.

Susquehanna said Apple continues to have significant growth potential, including expanded market share in the Smartphone market and above-market growth in its Mac PC business.

The firm said near-term growth drivers could include:

• rolling out the iPhone into new key markets, such as China;
  
• building out the iPhone ecosystem with a broader portfolio of segmented products (e.g., iPhone Pro); and
  
• developing new and innovative mobile devices, including scaling up the iPod Touch platform

The firm said shares of AAPL have been building momentum and are likely to remain relatively strong as investors focus on its upcoming Worldwide Developers Conference in June, which is a forum Apple has used in the past to announce new products.

Concerns the firm cited on Apple are the ongoing economic malaise and a challenging consumer spending environment. They note consumer represents about 75% of total revenue. That being said, the firm said Apple's differentiated products have demonstrated to be more resilient than the overall market.

For more analyst ratings on AAPL click here.

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