Two Firms Initiate Coverage of Apple at Neutral & Buy

Two firms began coverage of Apple Inc. Friday. Caris & Company initiated coverage with a "Buy" rating, while Macquarie initiated coverage with a "Neutral" rating and a price target of US$110 per share.

Caris & Company's analyst said that Apple's, "unique product cycles and pricing control should help offset weak consumer macro" concerns.

Apple traded sightly lower in the late afternoon trading session Friday, at $99.16 per share, a loss of 0.11 (-0.11%), on moderate volume of 21.1 million shares.

*In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.