Jefferies changes tune on Apple, upgrades to 'buy' with price target of $600

Analyst Peter Misek has issued a new price target of $600 for shares of AAPL, according to the Associated Press. His rating for the company was also upgraded from "hold" to "buy."

Misek said he is more positive on Apple's outlook after speaking with suppliers, who have reportedly become more lenient in their component pricing.

The analyst similarly cited supply chain checks in March, when he slashed his Apple price target to $420, down from $500. At the time he joined a wave of analysts who became pessimistic about Apple's prospects following 2012's launch of the iPhone 5.

Misek also came under fire in February of this year when he cited "channel checks" that allegedly indicated Apple was planning a product event in March related to the Apple TV set-top box. But reliable Apple commentator Jim Dalrymple of The Loop quickly refuted those claims, and no such event was held.

The same analyst claimed in March of 2012 that Apple was gearing up to start production of a full-fledged television set in May or June of that year, in preparation for a product launch in late 2012. That prediction also proved inaccurate.

And in late 2011, Misek said he expected Apple to launch a television with TFT-LCD panels from Sharp in mid-2012 — another forecast that missed the mark.

Misek still remains in the rumor game, however, as he said on Monday he expects Apple's next-generation handset, which he referred to as the "iPhone 6," will sport a larger 4.8-inch display. He made that same prediction this February.

Apple switched its flagship handsets to a 4-inch display starting last year with the iPhone 5, up from the 3.5-inch screen that was featured on previous models.