Gabelli Has Buy On Apple (AAPL)

Gabelli & Co. has a Buy rating on shares of Apple AAPL after it reported earnings last night. In a note to clients, Gabelli writes, "Reported extremely strong 2Q11 results. Shipment of iPhone is very strong, while shipment of iPad is below our estimate as iPad 2 has been supply constrained since its launch We reiterate our view that Mac computer will see faster than the PC industry growth, especially in international market, and continue to win market share. Valuation is attractive. We have a FY12 PMV of $550/share based on 14x forward P/E plus cash. At $342, Apple shares trade at 6.6x EBITDA and 9.3x forward P/E ex-cash. Apple has $59.7bn of cash ($68/share) at the end of 2Q11." Shares of AAPL are up $14.56 to $356..97, a gain of 4.25% in pre-market trading.