ISI Maintains Buy on Apple

ISI is out with its report today on Apple AAPL, maintaining Buy. In its report, ISI writes, "We remain positive on the stock and recommend buying on any weakness as we believe there could be 25-30% upside to next year's estimates with FY12 EPS ultimately ending up near $40 versus current consensus of just over $32. Additionally, we believe it is likely that the company will now look at using its cash balance favorably for buybacks and a cash dividend, which will help further drive shareholder value. At $376, Apple trades at 12x our CY11 EPS forecast of $32.64." ISI is out with a $480 PT on AAPL. At the time of posting, shares of ISI were trading pre-market at $367.20, down 2.39% from Wednesday's close.