Sterne Agee Raising Apple Price Target

According to Sterne Agee, Apple's AAPL price target is raised to $445. Sterne Agee reported that it is transferring coverage of AAPL, maintaining its BUY rating and raising its 12-month price target to $445 (from $400). “AAPL has emerged as the most beloved and feared provider of PCs and mobile devices and one of the world's leading distributors of digital content. We arrive at our price target by assuming what we believe is a conservative and reasonable 15x multiple on our CY11 EPS of $25.39 plus net cash.” Apple closed yesterday at $350.96.