Wedbush Reiterates Buy on Apple, Increases PT to $450

Wedbush reiterated its Buy rating on Apple AAPL. At the same time, Wedbush increased its price target from $445 to $450. In a research report published today, Wedbush stressed its underlying optimism about Apple's long term outlook prior to the iPhone 5 launch. In the report, Wedbush states, "We would be buyers of Apple given continued product momentum and attractive valuation. While upside expectations are becoming rightfully subdued and timing of the iPhone 5 launch is still likely six months away with only an incremental interim upgrade, we believe Apple still has enough horsepower to drive continued revenue growth and upside to estimates." On Tuesday, Apple closed at $332.19. Its shared added 0.19% to their value in today's pre-market trading, however, and are currently standing around $332.81.