Jefferies Reiterates Buy Rating, $500 PT on Apple

Jefferies is reiterating its Buy rating and $500 PT on shares of Apple AAPL. “Our China Telco team noted weaker than expected 3G sub adds in China,” Jefferies writes. “We believe Apple shares have been impacted by this along with GM concerns. In our view, the slight perceived drag in China is immaterial to overall iPhone numbers. “Our checks and guidance from Catcher Technologies indicate component orders beginning for the iPhone 4S. We reiterate our Buy and price target of $500.” Apple closed Monday at $315.32.