UPDATE: KGI Securities Reiterates Outperform Rating on Apple on Product Update

KGI Securities reiterates its Outperform rating on Apple (NASDAQ: AAPL) as the company gets ready for updates across its product lines.

KGI Securities noted, "Apple's (US) upgrade of all products to more advanced panel/ touch technology has been delayed by unsatisfactory production yields of key components. Consequently, mass production and shipment of final products will also be delayed, prompting us to cut our forecasts for shipments across the board. But once the growing pains are over, Apple should be able to lead peers in panel quality for another one to two years. This hardware edge, plus Apple's signature software, content, and service advantages, should sustain Apple's long-term competitiveness."

Apple closed at $673.43 on Wednesday.