JMP Securities raised its price target on Apple ( AAPL) by $9, saying the computer maker's stock is trading below its two-year average multiple of slightly more than 40 times earnings.

The firm lifted its target to $93 from $84 and is expecting revenue of $6.8 billion for the December quarter. JMP is also looking for earnings, after all unusual items are accounted for, of 80 cents a share. Both are above the guidance Apple has provided.

Apple's regulatory filings are positive in that the options backdating flap appears to be essentially behind the company, JMP believes. Still, the firm said there was some risk that legal action could be taken against the company or its management.

Recent channel checks suggest that Apple's iPods and Macintosh computers had healthy holiday seasons, JMP said. Shares of Apple were up 2.5% to $85.88.

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