“Shares of tech giant Apple are up over 1% in early morning trading reaching as high as $580 – helped by a bullish report from analyst Glen Yeung of Citigroup,” Richard Saintvilus writes for Forbes. “Likewise, early sales indicators from the Black Friday weekend points to another monster quarter for Apple. Many analysts point to the fact that Apple had not had to offer significant discounts of its iPad mini as a sign of strong demand.”
“Ahead of the shopping season, analysts had initially projected iPad mini sales to reach an estimated 5 million units,” Saintvilus writes. “However, with the device commanding such interest from retailers such as Walmart and Best Buy, it is not out of the realm of possibility that Apple might exceed that total before Christmas on its way to at least 6.5 million units.”
Saintvilus writes, “From an investment perspective, it’s hard not to like the stock at any price under $600. The stock has rebounded nicely after dropping as much as 30% a recent low of $505. The decline was largely due to concerns over the “fiscal cliff.” However, shares seem poised to regain the $600 mark.”
Read more in the full article here.
Citigroup initiates AAPL coverage with ‘Buy’ rating – November 26, 2012