UPDATE: Bank of America Reinstates Coverage on Apple with Buy Rating, $120 PT on iPhone Super Cycle

In a report published Tuesday, Bank of America analyst Wamsi Mohan reinstated coverage on Apple AAPL with a Buy rating and $120.00 price target. In the report, Bank of America noted, “We rate Apple Buy on: 1) strong iPhone product cycle 2) development of new revenue sources like Apple Pay, Apple watch, home/health kit etc, and 3) optionality provided by a significant cash balance that can help accelerate innovation into new markets.” Apple closed on Monday at $99.62.