Sterne Agee initiates coverage of Apple with ‘Buy’ rating, $300 price target

The new MacBook Brokerage firm “Sterne Agee initiated coverage of Apple (AAPL) with a ‘Buy’ rating and $300 price target,” Lee Brodie reports for CNBC.

“In a live interview, analyst Vijay Rakesh tells Fast Money he’s bullish Apple and expects the firm to remain a market leader for the next decade,” Brodie reports. “And despite concerns about a slowdown in consumer spending across Europe, he’s thinks Apple will remain unscathed. ‘We’re not seeing any slowdown in sales in Apple products.'”

“He’s not worried about China slowing growth, either. ‘The proportion of iPhones is very small… and it will actually be a catalyst when they lower the price in China,'” Brodie reports. “On top of that Rakesh thinks iPads going international should present another positive catalyst for the stock.”

Brodie reports, “Apple looks to be firing on all cylinders, says Rakesh. [He] think[s] this is a good entry point here. And in an investor note he adds, Apple should be a core holding of any portfolio.”

Full article here.


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