Deutsche Bank Maintains Buy Rating, $450 PT on Apple (AAPL)

Deutsche Bank reiterated their Buy rating and $450 price target on Apple (NASDAQ: AAPL) following results after the close.

"AAPL reported revs of $24.7B and EPS of $6.40 which beat expectations by a
wide margin (vs. DB at $22.8B/$5.23 and Street at $23.2B/$5.33). Upside was
driven by strong iPhone (18.6M vs. DB at 16.0M) and Macs (3.76M vs. DB at
3.5M) and iPad was gated by supply (4.7 vs. DB at 5.5M). GM upside (41.4% vs.
DB at 39.0%) was aided by favorable commodity costs and op leverage. We raise
est’s to reflect the beat with strong product & distribution catalysts (iPad 2 ramp,
iPhone 5, China expansion, carrier deals etc)."

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

Shares of Apple closed at $342.41 yesterday.

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