Apple (AAPL) is reiterated a Buy with $900 price target by Jefferies' Peter Misek, who sees the firm's gross margin issues being positively resolved in Q4. Misek has Q4 iPhone sales of 53M - about 5-7M above the Street - which could boost margins by 80 bp. Add that to Apple's typical 300 basis point lowball (36%), and Misek sees CQ4 GM at 40%. He raises his EPS estimate to $16 from $15.50 (Street consensus: $13.52). Shares +0.8% premarket.
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