Citigroup cuts AAPL price target to $82

Citigroup cut its price target on Apple from $85 to $82, after the company offered a conservative outlook for the second quarter and despite record first-quarter results. Shares of Apple were down since Wednesday's marketclose, when Apple reported its earnings. According to NewRatings.com, the broker said Apple's revenue guidance of $4.4 billion was well below its estimate of $5.1 billion, but "chalked a significant portion of the gap to conservatism." The firm said that Apple's stock would represent a buying opportunity if the stock dipped below $70, but that the firm sees no near-term positive or negative catalysts, according to the report.

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