Goldman Sachs Reiterates Buy on Apple (AAPL)

Goldman Sachs is out with its report today on Apple AAPL, reiterating Buy after Apple introduced the iPad 2 on Wednesday. In a note to clients, Goldman Sachs writes, "Overall, we believe Wednesday's iPad 2 introduction and the June iPhone refresh will serve as critical catalysts in the coming months. We reiterate our CL-Buy and $12-month target price of $450 on Apple. Our target represents a multiple of 18X our CY2011 EPS estimate of $25.21, or a 22% discount to Apple's five-year average multiple of 23X. In addition, we believe it is important to note that Apple now trades at 10X our CY2012 estimate, ex-cash per share." At the time of posting, shares of AAPL were trading pre-market at $356.22, up 1.16% from Wednesday's close.