Shares of Apple upgraded to Buy at Citigroup
Shares of Apple Inc. rose slightly in early morning trading on Monday after an analyst at Citigroup said several near-term product catalysts make the stock look attractive at current levels.
In a research note sent to clients, analyst Richard Gardner upgraded shares of the Cupertino-based company to Buy from Hold while maintaining his 12-month price target of $105.
"There are several meaningful product catalysts around the corner, including Apple TV, Adobe Create Suite 3, Mac OS X Leopard and iPhone," he wrote.
The analyst added that he also expects "significant gross margin upside" during the company's current fiscal quarter due to rapid declines in flash memory and DRAM pricing.
"While there could be 'headline' risk associated with the options back-dating investigation and digital rights management posturing, risk/reward appears compelling following a pullback from $98 to $83," Gardner wrote.
"We believe clients should begin building positions at current prices, while any first-half weakness would simply represent an enhanced opportunity to increase positions."
Shares of Apple rose $1.13 or 1.36 percent to $83.27 on the Nasdaq stock market.
In a research note sent to clients, analyst Richard Gardner upgraded shares of the Cupertino-based company to Buy from Hold while maintaining his 12-month price target of $105.
"There are several meaningful product catalysts around the corner, including Apple TV, Adobe Create Suite 3, Mac OS X Leopard and iPhone," he wrote.
The analyst added that he also expects "significant gross margin upside" during the company's current fiscal quarter due to rapid declines in flash memory and DRAM pricing.
"While there could be 'headline' risk associated with the options back-dating investigation and digital rights management posturing, risk/reward appears compelling following a pullback from $98 to $83," Gardner wrote.
"We believe clients should begin building positions at current prices, while any first-half weakness would simply represent an enhanced opportunity to increase positions."
Shares of Apple rose $1.13 or 1.36 percent to $83.27 on the Nasdaq stock market.
Comments
Shares of Apple Inc. rose slightly in early morning trading on Monday after an analyst at Citigroup said several near-term product catalysts make the stock look attractive at current levels.
In a research note sent to clients, analyst Richard Gardner upgraded shares of the Cupertino-based company to Buy from Hold while maintaining his 12-month price target of $105.
"There are several meaningful product catalysts around the corner, including Apple TV, Adobe Create Suite 3, Mac OS X Leopard and iPhone," he wrote.
The analyst added that he also expects "significant gross margin upside" during the company's current fiscal quarter due to rapid declines in flash memory and DRAM pricing.
"While there could be 'headline' risk associated with the options back-dating investigation and digital rights management posturing, risk/reward appears compelling following a pullback from $98 to $83," Gardner wrote.
"We believe clients should begin building positions at current prices, while any first-half weakness would simply represent an enhanced opportunity to increase positions."
Shares of Apple rose $1.13 or 1.36 percent to $83.27 on the Nasdaq stock market.
[ View this article at AppleInsider.com ]
I'm surprised. Seems like more and more bad news is coming in about the backdating issue, I would think Apple stock would be starting to tank.
Then again, stock fluctuations rarely follow logic.
I tell you what Apple needs to boost it's stock. A special event. That always does the trick.
They could have an ice cream social!