Rodman & Renshaw Comments on Apple

Rodman and Renshaw has published a report on Apple AAPL. In the report, Rodman and Renshaw wrote, "With a paucity of patents, only 600 at last count against Apple's 4,000 and Microsoft's 17,000, Google (GOOG, Not Rated) is on the defensive. It is not in a position to indemnify any of the participants in the Android ecosystem. The direct result is that the margin of handset OEMs in the Android ecosystem, net of royalty payments, is rapidly eroding." Rodman and Renshaw rated Apple a Market Outperform with a price target of $400.00. Apple closed Friday at $364.92.