Jefferies & Company: iPhone 5 Announcment In-Line, As Expected

Jefferies & Company published a research report on Apple

after the company's "in-line" iPhone 5 announcement Wednesday. In the report, Jefferies wrote, "Surprises vs. expectations: everything we previewed as virtually certain or highly likely occurred. Everything we previewed as unlikely did not happen. Of what we previewed as "possible" the event did not include NFC (in iOS 6 software code but not enabled), a new tier-1 carrier, or an AirPort Extreme upgrade to WiFi ac. It did include a camera update. The event did not address TD-SCDMA support but we expect teardowns to reveal that the iPhone 5 uses Qualcomm's MDM9615 modem chip (supports LTE and TD-SCDMA) and Qualcomm's WTR1605 transceiver (also supports LTE and TD-SCDMA), which means that the iPhone 5 can likely support TD-SCDMA if Apple enables the functionality." Jefferies maintained its Conviction List Buy rating and $900 price target on Apple, which is currently trading down 0.09 percent from Tuesday's $660.59 closing price.