Market Overview

UPDATE: Citigroup Initiates Apple at Buy; At Near-Term Trough

Share:
Related AAPL
Tech Stocks Endure Massive Friday Selloff, End Week Weakly
Apple Traders Now Monitoring More Condensed Price Points Near $95
Apple Gross Margins Impressive And Sustainable (Seeking Alpha)

Citigroup initiated coverage on Apple (NASDAQ: AAPL) with a Buy rating and a $675 price target.

Citigroup said, "After a 28% correction since 09/21/12 (since recovered to down 19%), Apple shares are consistent with past corrections in its own history and that of its peers. With y/y growth expected to stabilize in 1H13, we assert this sets up APPL to appreciate toward our PT. But at $675, our price target is 11% below the consensus target, reflecting our perception that risks for Apple are increasingly coming into focus."

Apple closed at $571.50 on Friday.

Latest Ratings for AAPL

DateFirmActionFromTo
Jan 2016BarclaysMaintainsOverweight
Jan 2016FBR CapitalMaintainsOutperform
Jan 2016Piper JaffrayMaintainsOverweight

View More Analyst Ratings for AAPL
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Initiation Pre-Market Outlook Analyst Ratings

 

Related Articles (AAPL)

Get Benzinga's Newsletters