UPDATE: Global Equities Research Color on Apple Price Target; Apple Promo Beating Microsoft Eight to Two

Global Equities Research, which maintains its $400 PT on shares of Apple AAPL, is providing some color on the stock. “Apple Back to School sale off to a strong start beating Microsoft 8 to 2,” Global Equities Research writes. “Our research indicates that ~80% of incoming students are buying Apple Computers vs. Windows computers. Incrementally more students, who are enrolled in the online university, such as Phoenix Online, are buying Apple Computers – this was not necessarily the case last year.” Global Equities Research adds that entering senior students “are showing a very strong interest to buy an iPad before the school starts.” The researcher also states that the $100 gift card offered with Apple's back to school promo is “still being used to buy songs vs. apps.” Apple closed Friday at $343.26.