Deutsche Bank Reiterates a 'Buy' on Apple (AAPL); Even Mountain Climbers Need a Breather at Altitude

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

Deutsche analyst says, "AAPL reported revenues of $28.3B and EPS of $7.05 which missed elevated expectations (vs. DB at $30.2B/$7.60 and Street at $29.2B/$7.20). The shortfall vs. DB was due to overzealous iPad expectations (11M vs. DB at 14M); iPhone was in line at 17M and Mac beat (4.9M vs. DB at 4.7M). We view Apple's guidance as conservative in light of product momentum (iPhone 4S, iPad 2, iOS 5) & expanding distribution (carriers/int’l ramp). We're buyers of weakness as the iPhone cycle kicks into gear."

"We tweak our estimates modestly to CY11 revenue/EPS of $120.3B/$31.24 (vs. prior $123.2B/$31.80) and CY12 to $152.7B/$38.00 (vs. prior $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 $422.24 yesterday.

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