UPDATE: J.P. Morgan Raises PT on Apple to $525

J.P. Morgan is out with its report today on Apple AAPL, raising its PT from $450 to $525. In a note to clients, J.P. Morgan writes, "With Overweight-rated Apple's stock, it is time for the value-like multiples to be re-rated higher. We expect the stock to move higher in the near to mid term. Consistent with our preview, Apple reported a outstanding June quarter, and there appears no end to the upside parade. We believe the results likely restore the wow factor to the stock. In our view, the return of the wow factor, easing supply constraints, and pending new product cycles should jettison the fear that had been dogging valuation the last couple of months. We are raising our Dec-12 price target to $525, versus $450 previously." At the time of posting, shares of AAPL were trading pre-market at $399.30, up 5.96% from Tuesday's close.