JPMorgan analyst Samik Chatterjee initiates coverage on Apple (NASDAQ: AAPL) with a Overweight rating and a price target of $272.00.

Chatterjee highlighted:

• Faster than expected transformation to services
• Underappreciated robust growth in the installed base
• differentiation through tech leadership
• capital deployment provides option value
• M&A: prioritize large installed base and service
• Revenue and earnings growth acceleration
• multiple re-rating; catalyst in growth acceleration.

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $222.84 yesterday.