“Citigroup analyst Glen Yeung this morning picked up coverage of Apple shares with a Buy rating and $675 target price, asserting that the stock is at a ‘near-term trough,'” Eric Savitz reports for Forbes.
“Yeung notes that the stock dropped 28% since peaking on September 21; after a recent rebound, the stock is now down 19% from the peak,” Savitz reports. ” He contends the drop is consistent with past corrections in its own history and that of its peers.”
Savitz reports, “With year-over-year growth expected to stabilized in the 2013 first half, he writes Apple shares are set to appreciate from here.”
Read more in the full article here.