Citigroup Ups Target For AAPL

Citigroup has raised its target price for Apple (NASDAQ: AAPL) from $250 to $275.

Citigroup said that under the new accounting standard, AAPL’s 1FQ10 revenues and EPS came in at $15.68 billion and $3.67. This compares favorably with the comparable consensus non-GAAP estimate of $14.96 billion and $3.50. Citigroup continues to recommend AAPL, as the company has an impressive pipeline of products, including a touch screen tablet and both CDMA and UMTS iPhones, that are slated to be launched this year.

Citigroup believes that the consensus EPS expectation does not reflect the contribution from these new products.

AAPL’s stock was up 0.82% to $204.02 in early market trading.