UPDATE: Citi Reiterates Neutral Rating on Apple Citing iPhone Questions

In a report published on Wednesday, Citi analyst Glen Yeung Reiterated Apple

at Neutral and maintained a $430 price target. In the report, Citi noted, "We expect Apple's many bulls to focus on the company's above consensus iPhone unit shipments (31M vs. 26M) and better gross margin results. However, we point out that even after adjusting for inventories, Apple's units grew only 5% y/y". Apple closed on Tuesday at $418.99.