Bank of America Merrill Lynch Maintains Buy on Apple

Bank of America Merrill Lynch is out with its report today on Apple AAPL, maintaining Buy. In its report, Bank of America Merrill Lynch writes, "We remain positive on Apple's growth potential given its opportunity to gain market share in large addressable markets, especially in the PC and handset markets. We find Apple's valuation compelling, particularly based on the upside potential from revenue and earnings growth in the Mac/PC and iPhone segments and from gross margins, which we think should more than outweigh the near-term slowdown in iPod units and consumer exposure." Bank of America Merrill Lynch maintains a $490 PO on AAPL. At the time of posting, shares of AAPL were trading pre-market at $371.55, down 0.58% from Thursday's close.