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Citigroup Upgrades AAPL to "Buy"

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.  

If you are interested in Apple's stock, join our forum members in the Apple Finance Boards, a moderated forum for Apple Investors and people who are interested in Apple's financial dealings. For other stories regarding Apple's stock activity, visit our updated Apple Stock Watch Special Report.


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