Will This Upgrade Help Apple (AAPL) Stock Today?

NEW YORK (TheStreet) -- Apple's (AAPL) price target was raised to $565 from $560 by BMO Capital Friday. The firm maintained an "outperform" rating for the company.

Apple is up .04% to $539 in premarket trading today.

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BMO Capital sees Apple's valuation as attractive and believes that the best case scenario for the stock lies in the $635 range, while the worst case lies in the $470 range. BMO Capital also raised its EPS price target for the computer and mobile device manufacturer to $10.23 from $10.16.

"We are raising our EPS estimates on Apple, driven by aggressive share buybacks. Apple repurchased approximately $14 billion worth of stock, and we assume that the share count declines by around 22 million, to 880 million shares in the March quarter. In addition, we assume total share buybacks of about $35 billion in FY2014 and FY2015, compared with $40 billion over the past 12 months," the firm said.

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Separately, TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate APPLE INC (AAPL) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, expanding profit margins and growth in earnings per share. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

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