Plenty of studies have shown, over and over again, that in an emerging market, the last thing you want is patent protection. It slows down innovation and adoption drastically. That’s because in a brand new emerging market, the bigger issue is actually figuring out how to get the market established.

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Kaufman Bros. analyst Shaw Wu, who until last month worked at American Technology Research, has relaunched coverage of Apple (AAPL) with a Buy rating and a $120 price target.

Wu contends that there is still room for significant growth in both the Mac and iPhone businesses, where its market share is relatively small given the size of the PC and cellphone markets. “While continued difficult global macroeconomic headwinds and their impact on technology and consumer spending concern us, we believe the Apple adoption story is still intact and believe the company is positioned to weather the storm better than most,” he writes.

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