Apple Inc. (AAPL) reclaimed a bit of lost ground in afternoon NASDAQ trading, up $1.72, or 1.31%, to $133.48 after the stock was upgraded to “Buy” from “Hold” by Citigroup, citing Tuesday’s significant pullback.
Citigroup kept its price target unchanged at $160 while saying in a note to investors that rumored iPhone and iPod production cuts in Asia should not come as a surprise to investors and that such cuts would reflect normal channel inventory clearance ahead of new product introductions in August and September.
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