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Bull of the Day

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Apple, Inc. (AAPL) reported a stellar first quarter that was primarily driven by strong holiday season sales based on the ramp in demand for the new iPhone 4S. Robust sales in the iPad and Mac series also chipped in, registering a strong quarter for the company.

We believe Apple remains the biggest growth story in the technology sector primarily on account of its superior product pipeline, Apps, strong iCloud revenues, the upcoming iPad 3 update, loyal customer base and international expansion going forward. Despite the legal complexities and increasing competition in iPad and iPhone segments, we are optimistic about the company's growth prospects in the long term.

Moreover, we also expect Apple to succeed in developing markets due to the growing affluence of the middle class in key markets. Thus, we upgrade our rating from Neutral to Outperform with a target price of $654.00.

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