Citigroup Upgrades Apple Inc (AAPL) to Buy
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Price: $439.66 --0%
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 1 | New: 6
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 1 | New: 6
Trade AAPL Now!
Citigroup upgrades Apple Inc (Nasdaq: AAPL) from Hold to Buy. Price target $160.
Citigroup analyst says, "We see worst-case near-term downside to $115 (20X FY08 free cash flow plus about $15 in net cash per share on the balance sheet, or 20X F12 free cash flow beginning 4FQ08), but view the probability of a pull back to these levels as low. With upside to $160, we would increase positions at current levels and simply use any near-term weakness to buy more shares. AAPL shares declined 6.8% or almost $10 Tuesday following rumblings of iPod and iPhone production cuts in Asia. In our view, the Street should not be alarmed by these cuts."
Citigroup analyst says, "We see worst-case near-term downside to $115 (20X FY08 free cash flow plus about $15 in net cash per share on the balance sheet, or 20X F12 free cash flow beginning 4FQ08), but view the probability of a pull back to these levels as low. With upside to $160, we would increase positions at current levels and simply use any near-term weakness to buy more shares. AAPL shares declined 6.8% or almost $10 Tuesday following rumblings of iPod and iPhone production cuts in Asia. In our view, the Street should not be alarmed by these cuts."
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