Deutsche Bank Reiterates Buy Rating and $450 PT on Apple

“In light of Apple AAPL recently passing 15B App downloads (vs. ~5B for Android), we updated our iOS stickiness analysis of the iPhone, iPod and iPad installed base in the context of customer dollars invested in content (Apps, video, music etc) via the iTunes / App store,” Deutsche Bank wrote in a report. “We believe the installed base of Apple mobile devices (iPhone, iPod and iPad) is currently ~225M units and should grow to 300M+ units by the end of CY12 (assumes a 2 year life on hardware).” Deutsche Bank views Apple as undervalued; as such, it is reiterating its Buy rating and $450 PT. Apple closed Friday at $359.71.