Formerly with Topeka where he once had a Street-high $1,111 price target on Apple (AAPL), Brian White brings his bull case over to Cantor Fitzgerald, initiating the stock with a Buy and $777 price target.
"Prepared for Liftoff with a New Product Cycle," goes the title of White's latest call. He takes note of concern about Apple's pace of innovation, reminding it took six years for the company to introduce a new product category after the iPod and three years after the iPhone was introduced to unveil the iPad. Should Apple launch an iTV or iWatch over the next year, it would be "slightly ahead of historical cycles."
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Earlier: Apple schedules Beijing event on September 11.