Global Equities Research Maintains Overweight, $500 PT on Apple

Global Equities Research reiterates its Overweight rating and $500 price target on Apple

as the company is likely to announce entry into the $9 billion textbook market soon. Global Equities Research notes, "Converged view is that on January 19th Apple is very likely to announce its entry into the Digital Text Book Market, which is a $9 Billion per year market opportunity. Our research indicates that Apple has a very strong following with Authors, Publishers, Faculty and Students and may capture 95% of Digital Text Book Market, while Amazon.com may only participate in the 5% of the market. Over the next 5 years, we are estimating that Digital Text Books may contribute $4.9 Billion to iTunes revenues and $5.14 to Apples EPS.