Jefferies & Company Reiterates Buy Rating, $900 PT on Apple

In a report published Friday, Jefferies & Company reiterated its Buy rating and $900.00 price target on Apple AAPL. Jefferies noted, “QCOM's analyst day had implications for the broad smartphone, tablet, and mobile market in the short to medium term. In particular, smartphone ASPs are declining and the iPhone 5 is unlikely to launch at China Mobile in H1:13. Smartphones are going to continue to grow, but growth will be low double digits in developed markets and high double digits in developing.” Apple closed on Thursday at $525.62.