Deutsche Bank’s Sherri Scribner has initiated Apple coverage with a “Buy” recommendation and a $650 price target, “writing that there is “still the potential to surprise,” Tiernan Ray reports for Barron’s. “‘While our model does not currently include the benefit of a new product introduction, we believe Apple still has the ability to ‘surprise and delight’ its customers, therefore any new and successful product would provide upside to the company’s already above-market growth rates. With revenue growing faster than the market, despite the company’s large market cap, we believe shares should trade in line with market multiples,’ writes Scribner. ‘Trading below market multiples at 11x our FY-15E, we view shares as attractive.'”
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