Citigroup Initiates Coverage on Apple With A “Buy” Rating (AAPL)
On Monday analysts at Citi started tech giant Apple Inc. (AAPL) with a “Buy” rating.
The analysts set a price target for AAPL at $675. That valuation is a +18% upside from Friday’s closing price of $571.50.
Citigroup believes that the recent sell-off of Apple is in-line with its peers and its own past correction. The firm expects growth will stabilize in the first half of 2013, leading to the appreciation of shares.
Apple shares were up $1.50, or +0.26%, in premarket trading on Monday.
The Bottom Line
Shares of Apple (AAPL) have a 1.85% dividend yield, based on Friday’s closing stock price of $571.50. The stock has technical support in the $525-$530 price area. If the shares can firm up, we see overhead resistance around the $584-$600 price levels.
Apple Inc. (AAPL) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.