ISI Maintains Buy on Apple

ISI is out with its report today on Apple (NASDAQ: AAPL), maintaining Buy.

In its report, ISI writes, "We remain positive on the stock and recommend buying on any weakness as we believe there could be 25-30% upside to next year's estimates with FY12 EPS ultimately ending up near $40 versus current consensus of just over $32. Additionally, we believe it is likely that the company will now look at using its cash balance favorably for buybacks and a cash dividend, which will help further drive shareholder value. At $376, Apple trades at 12x our CY11 EPS forecast of $32.64."

ISI is out with a $480 PT on AAPL.

At the time of posting, shares of ISI were trading pre-market at $367.20, down 2.39% from Wednesday's close.