Apple stands to benefit from the growing overlap of the computer, smart phone and tablet markets, Jefferies analyst Peter Misek told clients Tuesday — as reported by “Bloomberg Businessweek” (http://www.businessweek.com/ap/financialnews/D9ILOK5O2.htm), initiating coverage of Apple’s stock with a “Buy” rating.

“We see plenty of more runway for (Apple), including considerable (2011) catalysts and a tablet market that we think is being vastly underestimated by the Street,” Misek wrote in a note to investors.

He adds that Apple’s cross-platform operating system, its content offerings and app strategy are helping the company continue to gain computer market share. The analyst pointed to huge addressable markets and relatively low penetration so far.