Citigroup Upgrades AAPL to "Buy"

by , 1:20 PM EDT, August 1st, 2007

Citigroup analyst Richard Gardner has upgraded AAPL to a "Buy" rating. In a research note to investors, Mr. Gardner released the note following a US$9 per share downswing in the stock, telling investors that, "the Street should not be alarmed by these cuts."

Breaking down his outlook on Apple's stock, Mr. Gardner said that a "worst-case near-term downside" for investors would be a pullback to $115, but that he saw a low probability that such a pullback would occur.

On the upside, he see's a high for the stock of $160 per share, and said, "we would increase positions at current levels and simply use any near-term weakness to buy more shares."

AAPL is currently trading at 132.91, a gain of 1.15 (+0.87%). The stock has been somewhat volatile throughout the day, trading in a range of +/- $3 per share.

*In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.  

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