Credit Suisse Starts Apple (AAPL) at Outperform, Sees 50% Upside

Credit Suisse initiates coverage on Apple (NASDAQ: AAPL) with a Outperform rating and $500 price target, suggesting upside of nearly 52 percent to yesterday's close.

The firm said the company can deliver revenue and earnings growth of 50% and 46%, respectively, over the next two years, which is well ahead of consensus of 24% growth in 2012.

The firm sees the company's smartphone share rising to 20% in 2012, with units of 72 million in 2011 and 112 million in 2012. iPad should become a $34 billion business by 2012 they said.

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

Shares of Apple closed at $330.01 yesterday.

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