Sterne Agee Reiterates Buy on Apple

Sterne Agee is out with its report today on Apple AAPL, reiterating Buy. In its report, Sterne Agee writes, "We continue to believe that AAPL is positioned to outperform in this tough macroeconomic environment with its defendable strategic and structural advantages and its vertical integration. Our price target of $500 is based on a conservative 13x multiple on our CY12 EPS estimate of $32.37 plus net cash." At the time of posting, shares of AAPL were trading at $368.43, down 2.06% from Wednesday's close.