* Apple shares jump 3.5 percent on CitiGroup...
* Citigroup upgrades Apple on Tuesday's weakness
* Citigroup downgrades Apple despite market-wide...
* Citigroup weighs in on Leopard, 3G iPhone, and...
"Top Picks Live is a dynamic list of CIR�s highest conviction ideas through calendar year-end which was introduced in January 2008," analyst Rich Gardner explained in a research note to clients. "Apple is the first addition to the list by the PC the Shuffle simply was not the compelling 'stocking stuffer' this year that it was last year."
Going forward, Gardner said Apple will have to provide compelling reasons for US iPod users to upgrade in order to keep the domestic business from declining. However, the analyst had a slightly different view of the company's scaled back iPhone orders.
"While iPhone shipments are likely to be weak during the March quarter, we believe this partly reflects channel inventory draw down ahead of the launch of a 3G iPhone within 1-1.5 quarters," he explained. "The introduction of 3G along with price cuts and additional carrier relationships in Europe should give investors increased confidence in Apple�s stated target of 10 million iPhone unit shipments during calendar year 2008.
Gardner holds $212 price target on shares of Apple.
No comments:
Post a Comment