Jefferies Lifts Price Target on Apple (AAPL) to $500

Jefferies raised their price target on Apple (NASDAQ: AAPL) from $450 to $500 following strong Q2 results.

"We expect upside to guidance driven by strong iPhone sales and the iPad
benefiting from a strong order backlog, supply ramp, and international
expansion. We view Apple as the preeminent growth story in our coverage
universe, and believe H2:CY11 is setting up strongly with iPhone 5 and cloudbased service launches. We reiterate our Buy and raise our target to $500/sh."

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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