J.P. Morgan Maintains Overweight on Apple (AAPL)

J.P. Morgan is out with its report today on Apple AAPL, maintaining Overweight. In a note to clients, J.P. Morgan writes, "We are lifting our estimates for Overweight-rated Apple. The stock is on the J.P. Morgan Analyst Focus List, and we reiterate our Dec 11 price target of $450. For the March quarter, our research inputs indicate that iPhone sales were stronger than we expected. Mac also trended better. Today, we are lowering our iPad unit estimates, but the adjustment is more timing as our full-year estimates increase. Overall, we think that investor fears over the Japan supply chain impact, potential peaking in iPhones, and the effects of the NASDAQ 100 rebalancing have created an opportunity to build bigger positions in Apple." At the time of posting, shares of AAPL were trading pre-market at $332.75, up 0.10% from Thursday's close.