Collins Stewart Initiates Coverage on Apple (AAPL) with a Buy

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Collins Stewart initiates coverage on Apple (Nasdaq: AAPL) with a Buy. Price target $117.

Collins analyst says, "The heavily subsidized smart phones remain the sole bright spot in an otherwise anemic handset market. While iPhone remains the category leader, momentum has waned as telegraphed by the recent production order cuts. Never a player in commercial accounts, Apple seems to be doing everything right in PCs. Their products have the most attractive designs and work almost effortlessly…

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