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

Citigroup initiated coverage on Apple

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.