They are reiterating their Buy rating and adding shares of AAPL to the PJC Alpha List based on 2H08 catalysts in each of the three major businesses: Mac, iPod, and iPhone.

1) Back-To-School Promo Positive For Macs & iPods. Firm believes the Mac and iPod units driven by Apple’s Back-to-School promotion will be a catalyst for the stock when Apple reports its Sept. quarter. The promotion is widely understood by the Street, and while Apple has communicated its impact on margins, they believe its impact on Sept. Mac and iPod units is generally underestimated.

2) Expect Sept. Event; Historically A Catalyst. Although it has not yet been announced, PJ expects Apple to host a special event in early Sept. to announce new iPods and redesigned Mac portables. They have analyzed stock action around the Sept. events over the last 3 years. On average shares of AAPL have risen +4% from the week before to the week after the Sept. event and +47% from the week before to four months after (through the holidays).

3) iPhone 3G Int’l Rollout In Sept. & Dec. Quarters Will Be Positive. In Aug. Apple increased the iPhone’s addressable subscriber base from 370m to 660m (+78%) by adding 34 new carriers in 21 new countries. They expect this rollout to drive upside to Sept. est. of 4.1m units. The potential addition of Russia in CY08 increases firm’s confidence in our Dec. iPhone number (6.4m). In general, they believe the iPhone’s international rollout is underappreciated by the Street.

Notablecalls: I believe AAPL could hit $180 level on this call in the s-t. This is the call the stock needed to move higher.