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  • Citi Finally Begins Covering AAPL


    It looks like AAPL is just too big for Citi to continue to ignore.

    On Monday, Citi Research began - for the first time ever - covering Apple stock. The process began with Citiís Glen Yeung issuing a note to investors with a buy recommendation, projecting shares to hit a price target of $675.

    Although Yeung's projection is substantially lower than the north of $1000 projections made elsewhere on Wall Street for Apple, anyone who took the buy recommendation Monday morning was probably thrilled by the end of trading this afternoon. Shares of Apple climbed nearly $20, settling closer to the $600 level than we've seen in weeks.
    Our analysis shows that Apple shares have corrected consistent with the average correction in its own history, with companies that have achieved 4% of the S&P500, and with companies that have shown similar deceleration. Historically, such corrections are followed by 20%-50% appreciation in the following 12 months. While a correction to below the average leaves risk, an adverse change in macro is required to take shares to these levels. While possible, we err on the side of optimism.
    Most Wall Street watchers also believe the recent dip for AAPL has ended. Optimism has resumed as holiday sales continue to suggest a huge quarter for the iDevice giant.

    Source: Barron's
    This article was originally published in forum thread: Citi Finally Begins Covering AAPL started by Michael Essany View original post
    Comments 2 Comments
    1. Mrteacup's Avatar
      Mrteacup -
      That actually sounds reasonable. 1000$ is ridiculous, apple will max out soon they wont go above it, sure they will sustain the high stock but they wont get to 1000..
    1. thetoothfairy's Avatar
      thetoothfairy -
      I still could kick myself in the butt for not buying Apple stock @ $89.00 a share