Deutsche Bank Maintains a 'Buy' on Apple (AAPL); iPhone HW Underwhelms but iOS 5 and Siri Are Impressive

Deutsche Bank maintains a 'Buy' on Apple (NASDAQ: AAPL) price target of $530.00.

Deutsche analyst says, "At Apple HQ, Tim Cook introduced the iPhone 4S world phone (GSM and CDMA) with a new A5 chip (~2x faster than iPhone 4) and improved battery life (8 hrs talk time). Apple did not introduce an iPhone 5 which will be viewed as a disappointment (especially considering the extended refresh interval). That said, we recommend investors buy the pullback as we expect multiple new product cycles and further int’l penetration to drive EPS upwards."

"Our estimates remain unchanged at CY11 rev/EPS of $123.2B/$31.79 and CY12 of $152.9B/$38.00."

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

Shares of Apple closed at $372.50 yesterday.

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