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RBC Capital reiterates ‘Buy’ rating on Apple, ups price target

RBC Capital Market's Mike Abramsky, in a research note release to clients Thursday, "reiterated his Buy rating on shares of Apple, bumping his price target by $10 to $200 a share. He called on investors to realize that the advent of a 3G iPhone in the near term will enable the Cupertino-based company to tap a global market five times the size of the MP3 player market and ten times the size of the worldwide PC market," AppleInsider reports.

"According to the analyst, other pending catalysts for the stock include higher capacity iPod touch players and refreshed MacBooks with aluminum enclosures later in the calendar year, as well as a boost in international Mac sals as consumers in foreign countries see increased exposure to the company's well-received iPhone handset," AppleInsider reports.

"'Apple may phase out the 80GB Classic following the launch of a 64GB iPod touch,' he said, adding that greater availability of video content on the iTunes Store/Apple TV also creates a need for current generation iPods that are video capable, and thus may drive a replacement cycle for a significant number of consumers," AppleInsider reports.

Full article here.