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From: Rangle	3/23/2012 8:29:04 AM
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For all you AAPl watchers Apple: Oppenheimer discusses bull & bear case for AAPL: firm remains bullish and sees ample room for further iPhone, iPad and Mac growth Oppenheimer is bullish on AAPL and sees ample room for further iPhone, iPad and Mac growth. Yet, given Apple's strong share price appreciation, they've taken a closer look at potential bull-bear cases to evaluate risk-reward balance. The firm's analysis suggests a compelling risk-reward outlook with a ~$900 (50% upside) bull case upside while a bear case leads to a ~$420 level (30% downside). Considering that their bear case assumes almost a complete halt to Apple's growth in FY13/14, a scenario likely only in a severe economic downturn, they believe the risk/reward is very compelling. They say the key swing factor remains the iPhone and theysee opportunities to expand carrier/customer reach and move further into the mid-tier as key drivers. Firm's $700 tgt is their base case. gl