Apple praise from Needham, Monness Crespit

|About: Apple Inc. (AAPL)|By:, SA News Editor

Apple (AAPL +0.4%) shares are up a bit in the early going after a couple of positive notes from the Street.

Needham’s Charlie Wolf reiterates a Buy rating, writing that the surprising strength of iPhone 4S sales in Q1 challenges the conventional wisdom that Apple has to build a low-end phone to retain share in the smartphone market.

The 4S success proves "iPhone’s brand is so strong, a two-generation-old iPhone despite its premium price holds great appeal,” which “confirms Apple’s ongoing commitment to building the aspirational brand."

Analysts at Monness Crespit reiterate a Buy rating and raise their price target to $650 from $605, believing investors want to be long the name going into the debut of a larger-screen iPhone this year.