Filed under: Analysis / Opinion, Apple Financial
Citi reiterates AAPL 'buy' rating, cuts price target
Citi analyst Richard Gardner repeated the firm's "buy" recommendation for Apple stock, but reduced his estimate through 2011 to "reflect a more conservative view of consumer spending," according to the Associated Press.
Gardner reduced his 12-month price target to $132 from $153. He noted "soft" iPhone shipments in the last quarter of 2008 and conservative guidance for the first quarter of 2009 as reasons behind the cut.
"We view weakness as a buying opportunity," Gardner said. If Apple's stock were to drop by $7 or $8 before the company's Q1 2009 conference call on January 21, "[Citi] would be aggressive buyers." He expects the company will announce a profit of $1.42 per share for Q4 2008 during the call.
AAPL was down by about $1.45 in afternoon trading.
[Via Mac Observer.]
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Reader Comments (Page 1 of 1)
vandil said 2:07AM on 1-14-2009
Citigroup has its own financial problems (and 50,000 pending layoffs!) and shouldn't be playing Speculation God with opinions of the futures of other companies.
Reply
Le Big Mac said 9:24AM on 1-14-2009
No kidding -- is this a going-out-of-business sale on stock tips?