Apple (AAPL) Added to Citi US Focus List, Believes Buy-Back 'likely to occur'
Citi maintains Buy on Apple (NASDAQ: AAPL) price target of $200.00.
Analyst Jim Suva puts the equity on the Citi US Focus List noting a belief in a "large buy-back" being likely to occur. The analyst comments "Apple stated they aim to go to net cash neutral compared to net cash of $163 billion. While the company will directly address how it will do so in April when they report their March quarter results, we believe a very large stock buy-back is likely to occur. If we Assume 50% of the is used for stock buy-backs, that would reduce the company’s shares outstanding by 10%. We believe this is a very material positive that investors should be mindful of and not be underweight the stock as this provides strong valuation support."
For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.
Shares of Apple closed at $167.78 yesterday.