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AAPL Stock: 97.67 ( + 0.64 )

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Citi lowers price target on Apple stock

updated 02:50 pm EST, Tue January 13, 2009

Citi lowers AAPL target

Citi's research arm has adopted a more pessimistic view on Apple's prospects, the Associated Press reports. A key analyst at Citi, Richard Gardner, has lowered his price target for Apple stock from $153 to $132, and also reduced earnings predictions for 2009, 2010 and 2011. Gardner is further pessimistic about iPhone shipments for the fourth quarter of 2008, which he suggests will slip below 4 million. By contrast, the third quarter produced 6.9 million in shipments.

EPS for the March quarter could also be disappointing, says Gardner, as much as 10 to 15 cents less than the Wall Street consensus of $1.13.

The analyst is however maintaining a "buy" rating on Apple stock, and notes that profit per share could still be $1.42 for Q4 2008. Disappointing results may in fact be beneficial to prospective investors; should Apple stock drop $7 or $8 after the company's fiscal first quarter results, says Gardner, people may want to be "aggressive" buyers.




by MacNN Staff

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  1. Guest

    Joined: Dec 1969

    +6

    This just in...

    Apple lowers price target on CITI stock...

  1. Coruscant

    Joined: Dec 1969

    +4

    Credibility

    How much credibility do any of these analysts hold any more? Given the fantastic job so many of them did in forecasting the current downturn/recession, they're about as reliable as a meteorologist these days. I'm willing to wager most them have more optimistic views of the financial industry than of Apple, which should only further erode any sense of credibility. They're sitting in a proverbial Titanic claiming the mainland is sinking.

  1. Guest

    Joined: Dec 1969

    +6

    MYOB, literally.

    Dear d*** Gardner,Thank you for allowing me the opportunity as taxpayer to bailout your defunct company, plaster your defunct corporate logo on a defunct baseball team's stadium ...and what a steal at $30 million... and for intercoursing me a further 10% off my portfolio by manipulating the value of a successful and PROFITABLE technology company. Until you can get YOUR business right, please refrain from judging OTHER people's businesses.Thanks,The Mgmt.PS: With the $24 billion cash on hand AAPL has, you may want to hit them up for a handout too.

  1. iphonerulez

    Joined: Dec 1969

    -2

    Started high and

    finished low. All those home run analyst estimates are turning into strikeouts for Apple and investors alike. Downgrade after downgrade is easily going to keep Apple under $100 and maybe even $90 for the next couple of quarters. People sit around debating how many millions upon millions of iPhones are being sold while the stock drops lower and lower. WS doesn't care how many iPhones or Touches are being sold. They only know that Apple's general outlook is bleak in a poor economy. It sure doesn't take a genius to see that. Citi was one of the most bullish for price targets on Apple and now even they've given up. All that's left is Gene Munster. When he gives Apple the thumbs down, then it's all over. Apparently 2009 will be worse than 2008 for Apple.

  1. Roehlstation

    Joined: Dec 1969

    +1

    Citi Selling off

    Funny, I just heard a few minutes ago on the news that Citigroup is trying to sell off it's investment group to Morgan Stanley. And to remind everyone again, Citi Accepted 46 BILLION dollars from the Federal government.

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