Citigroup Resumes AAPL Coverage with 3 Analyst Team

| Apple Stock Watch

Citigroup resumes Apple stock coverageCitigroup is covering Apple again after a six month gap, but instead of one analyst watching the Mac, iPhone and iPad maker, the company has three. Glen Yeung, Walter Pritchard and Jim Suva will split their coverage into Apple's hardware, software, and semiconductor supply chain.

The firm began its Apple coverage on Monday, according to CNBC. Citigroup stopped following Apple in May when analyst Richard Gardner left the financial company.

The analysts dove in with a positive attitude towards Apple stating, "After a 28 percent correction since 09/21/12, Apple shares are consistent with past corrections in its own history and that of its peers."

Despite their positive outlook on Apple's value, they also hinted at concerns that Apple may be getting too big. They noted in their research note,

"Observation of Apple shares versus its year-over-year revenue growth explains the recent sell-off. While easily attributable to the law of large numbers, exogenous factors also play a role."

The Citigroup team has a "Buy" rating and US$675 target price for Apple's stock. Apple is currently trading in the pre-market at $589.31, down 0.22 (0.04%).

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