“Citing yesterday’s sharp pullback in share price, Citigroup on Wednesday upgraded shares of Apple from Hold to Buy and suggested that investors take advantage of present weakness to build their positions in the company,” Katie Marsal reports for AppleInsider.
“‘We see worst-case near-term downside to $115, but view the probability of a pull back to these levels as low,’ lead analyst Rich Gardner wrote in a research note,” Marsal reports. “‘With upside to $160, we would increase positions at current levels and simply use any near-term weakness to buy more shares.’
Marsal reports, “Gardner noted that Apple shares declined some 6.8 percent or almost $10 Tuesday following rumblings of iPod and iPhone production cuts in Asia, but said the Street shouldn’t have been alarmed by such cuts.”
Full article, including Apple’s “strength in Macs” and next Tuesday’s Mac-related media event, here.