Jefferes Reiterates Buy On Apple (AAPL)

Jefferies & Co. is reiterating its Buy rating and $450 price target on shares of Apple Inc. AAPL after Steve Jobs announced he was taking a medical leave yesterday. In a note to clients, Jefferies writes, "Steve Jobs is taking a medical leave of an indeterminant nature with an unkown length. While this creates uncertainty, we believe the product pipeline is set for the next two years and Apple's bench strength has come through before. We would use weakness as a buying opportunity. Reiterate Buy and $450 target." Shares of AAPL are off $15.71 to $332.77, a loss of 4.5% in pre-market trading.