Bank of America Bullish on Apple iPhone 5

Bank of America has published a report on Apple AAPL following the company's iPhone 5 introduction on Wednesday. In the report, Bank of America wrote, "As expected, Apple announced the new iPhone 5, along with updated iTunes and iPod. Hardware features (4” screen, thinner formfactor, LTE connectivity, faster A6 processor, new 8-pin connector, and same 16/32/64GB capacity) were consistent with heightened expectation, as well as software features, which were showcased earlier at Worldwide Developers Conference in June. Overall, we view new hardware and software features to be evolutionary, and the gap between other competing smartphone products is certainly narrowing. However, we maintain our bullish view on the iPhone 5 product cycle, and Apple remains our top pick, along with EMC." Bank of America maintained its Buy rating and $770 price objective on Apple, which is currently trading down 0.36 percent from Tuesday's $660.59 closing price.