Apple Inc JPMorgan reiterates Overweight rating, price target $585
- In firms first major note on Apple since assuming coverage, they update and extend their iAnywhere thesis. Their view is that Apple is likely to cannibalize its MacBook Air line in the next 12 months and possibly in 2014 by adding a keyboard/mouse centric user interface to iOS while also keeping a touch friendly UI. Peripherals would be made available to complete the transition. Firms analysis in this report focuses on a key Aseries/
Intel chip power crossover that firm believes drives this transition as well as the earnings opportunity that iAnywhere presents to Apple. In total they believe iAnywhere could represent a >10% earnings boost to Apple in a 12-24 month timeframe.