Jefferies Says Buy Apple (AAPL) On Any Weakness

Jefferies reiterated their Buy rating and $500 price target on Apple (NASDAQ: AAPL) following the Q4 miss but stronger guidance.

Commenting on the quarter analyst Peter Misek states, "Apple's CQ3 results missed revenues and EPS, but guidance was significantly ahead of our and Street expectations. We believe inventory channel drawdown was the cause, but the decision to keep the iPhone 4/3GS SKUs initially masked the effect."

Misek believes Apple has sold over 7 million iPhones quarter-to-date and is raising estimates for the December quarter.

He raises Q1 EPS from $9.17 to $9.79 on revenues of $38.68 billion.

"We are buyers, especially on any weakness," he said.

For more ratings news on Apple click here and for the rating history of Apple click here.

Shares of Apple closed at $422.24 yesterday.

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