“Apple Computer Inc. shares rose almost 4% Monday as Citigroup raised its rating on the company and as several other analysts said they expected new products should boost Apple through the year,” Rex Crum reports for MarketWatch. “Apple rose $2.49, to close at $65.68, after Citigroup analyst Richard Gardner raised his rating to buy from hold, saying that much of the market’s recent negative concerns about Apple — which have driven the company’s shares down 27% over the past two months — has now been priced into the stock.”
“Gardner added that Apple, which celebrates its 30th anniversary on April 1, is likely to use the occasion to roll out a new video iPod player with a larger screen than the current model, and revamp its iBook laptops to include Intel chips. Apple’s likely to get these roadblocks out of the way before heading into what’s traditionally a busier — and, financially speaking, more important — time of the year, Gardner told investors in a note,” Crum reports. “Meanwhile, Bear Stearns analyst Andy Neff didn’t raise his rating on Apple from his current outperform level but echoed some of Gardner’s feelings, calling investors’ anxiety ‘a buying opportunity.'”
Full article here.
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Piper Jaffray: Apple on track to meet or slightly exceed iPod unit expectations – March 13, 2006
Bear Stearns: Current Apple weakness is a buying opportunity – March 13, 2006
Citgroup analyst expects ‘fairly eventful’ Apple announcement around 30th anniversary on April 1st – March 13, 2006
Citigroup ups Apple to ‘buy,’ expects Intel transisiton to be complete in all Macs by August – March 13, 2006