Apple, RIMM: Paribas Launches Both With Outperform Ratings

Exane BNP Paribas analyst Alexander Peterc today picked up coverage of both Apple (AAPL) and Research In Motion (RIMM) with Outperform ratings.

• Apple: Peterc writes that the iPhone – which is now a third of the company’s revenues and 40%-50% of operating profits – “remains the single biggest swing factor” for the company’s results in the near term. He expects the company’s share of the smart phone market to increase to 23% by 2012, from 17% in the latest quarter. He also notes that the stock trades at an “inexpensive” 14x estimated 2010 results and 10x 2011. He sets a $300 price target on the stock.
• Research In Motion: Peterc says that Apple’s pending debut with Verizon Wireless creates risks for RIMM, but adds that “a growing BlackBerry franchise in high-growth emerging markets should offset share losses in mature markets to a large extent.” His price target on the stock: $90.

In today’s trading:

• AAPL is down 37 cents, at $235.48.
• RIMM is down 43 cents, at $74.49