Credit Suisse Reiterates Outperform On Apple

Credit Suisse is reiterating its Outperform rating and $500 price target on Apple AAPL. In a note to clients, Credit Suisse writes, "Results on 19th July, reiterate Outperform. For FQ311, we expect revenue/EPS of $26.1bn (+6% qoq/+66% yoy)/$6.10 (inclusive of 20c EPS impact due to royalty payment) vs. consensus at $24.7bn/$5.71 respectively. Following the recent patent settlement with Nokia along with possible timing issues related to next version of the iPhone, we adjust our FY11/FY12 EPS estimates slightly down by 2%/1% to $25.25/$32.91 (from $25.7/$33.2) respectively. Given our view that Apple is well-positioned to see continued momentum across key product lines (iPhone, iPad and Mac) driven by differentiation and innovation, we reiterate our Outperform rating and TP of $500." Shares of AAPL are up $1.03 in pre-market trading to $355.12.