Citi adds Apple to Top Picks Live list; reiterates ‘buy’ rating, $212 price target

“Citigroup added Apple Inc. to its Top Picks Live list, saying reductions to the company’s March quarter iPod and iPhone build plans were fully reflected in its stock price, which has declined 37 percent so far this year,” Amulya Nagaraj reports for Reuters.

“Citigroup said Apple’s iPod unit growth is likely to remain sluggish through the first half of 2008, but added that it sees several significant offsets such as a robust PC build plan for the March quarter and recent introduction of the MacBook Air,” Nagaraj reports.

“The brokerage, which retained its “buy” rating on the company and has a target price of $212 on the stock, said it was comfortable with its above-consensus quarterly earnings view,” Nagaraj reports. “Citigroup expects Apple’s earnings per share for the March quarter to beat consensus by 10 cents or more, while revenue is expected to come in line.”

“Top Picks Live is a list of Citi Investment Research’s highest conviction ideas through calendar year-end that was introduced in January 2008,” Nagaraj reports.

MacDailyNews Note: In pre-market trading, Apple is up $2.63, or 2.10%, to $128.11. According to data from Thomson/First Call, of 25 brokers, the mean target price for AAPL is $195.28; median target: $200.00; high target: $250.00; low target: $150.00.

Full article here.

9 Comments

  1. Minor ups and downs, but still in the $120’s.

    Apple may see another downturn (again) as will the market. Subprime fiasco is still a major problem. Might see $115 first before returning to an upward path.

    As far as these target prices, hope seems to spring eternal on Wall Street, especially when brokerage houses are trying to cover their stock spreads.

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