Citigroup dubs Apple an attractive buy
updated 03:45 pm EDT, Mon June 26, 2006
Citigroup upbeat on AAPL
Citigroup has added Apple along with two other companies to its investment research recommended list. The iPod-maker's recent share price weakness signals an attractive entry point into a company with strong fundamentals and a likelihood of taking market share in the PC business, according to Reuters. Citigroup holds a $75 price target on Apple shares, which rose during morning trading. Analyst firm Bear Stearns in mid-June lowered estimates for Apple based on iPod seasonality, but maintained its "outperform" rating on the stock predicting second-half strength. The firm wrote that Intel-based Macs and music will likely drive earnings in the second half of the year, noting that Apple's valuation looked attractive.
