UPDATE: Citi Raises Apple's PT

According to a research report published this morning, Citi has increased Apple's

PT from $700 to $720. In the report, Citi commented, "We reiterate a Buy rating and raise our target to $720 on the heels of yet another quarter of blow-out iPhone results. iPhone shipments of 35.1M (+88% yoy) exceeded our recently revised estimate of 32.0M thanks to strong global demand and channel inventory restocking. While we continue to see potential for a merely in-line quarter at some point this year ahead of the iPhone 5 transition, valuation is not demanding and we would be aggressive buyers on any potential weakness." Apple is currently trading at $614.85.