Apple (AAPL) Bullish View Reiterated at Citigroup (C)

Apple Mac

Citi (C) analysts reiterated a ‘Buy’ rating and $135 price target on Apple (AAPL) in a research report issued to investors on Thursday. They note pps acceleration is on the horizon as Apple shares are nearing all-time highs/52-wkh Feb 17, 2015/$129.03.

Citi’s analysts back their bullish thesis with five key reasons:[via thestreet] “device acceleration, attractive valuation, gross margins permanent step up higher, Apple Pay plus Passbook, and enterprise opportunity.” They also believe AAPL’s consensus estimates will continue to see upward revisions.

“Consensus is underappreciating the upgrade potential of Apple’s installed base as new carrier actions make upgrading one’s device materially easier, thereby diminishing the consumer device dilemma,” analysts said.

Separately, Apple was raised to $125 from $122 with a ‘Buy’ rating at Canaccord Genuity. The firm believes very strong iPhone 6 sales with company’s leading RF dollar content should drive strong Q1’15 results.

On valuation measures, Apple Inc., currently valued at $750.69B, has a median Wall Street price target of $135.00 with a high target of $165.00. Approximately 13.8 million shares have already changed hands, compared to the stock’s average daily volume of 55.47M.

In the past 52 weeks, shares of the Cupertino, Calif.-based tech giant have traded between a low of $73.05 and a high of $129.03 with the 50-day MA and 200-day MA located at $115.02 and $107.54 levels, respectively. Additionally, shares of AAPL trade at a P/E ratio of 1.18 and have a Relative Strength Index (RSI) and MACD indicator of 75.40 and +5.71, respectively.

AAPL currently prints a one year return of about 68%, and a year-to-date return of around 17%.

Shares of Apple gained 0.14% in recent trading. Ticker closed at $128.71 yesterday.

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About Ron Haruni 1067 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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