Wedbush Starts Apple (AAPL) at Outperform

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Wedbush initiates coverage on Apple (NASDAQ: AAPL) with a Outperform rating and $405 price target.

The firm said, "We expect Apple to benefit from strong growth in “Connected Devices” and market share gains while maintaining defensible barriers derived from the company’s OS, iTunes, and App Store offerings. With shares trading at a FY11E cash adjusted PE of 13x despite growth >15%, we see further upside to shares."

For more ratings news on Apple click here and for the rating history of Apple click here.

Shares of Apple closed at $331.29 yesterday, with a 52 week range of $188.68-$320.18.

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