In a note to clients — as reported by “AppleInsider” (www.appleinsider.com) — Citi Research, which began covering Apple stock on Monday, projects an US$675 target price with a recommendation to buy.
Citi’s price target implies an expected return of about 20% from Apple stock. Citi Research noted that shares of Apple slid 28% on a “correction” that began on Sept. 21, which put it in line with past corrections in its own history, as well as those of its peers. Year-over-year growth at Apple is expected to stabilize in the first half of 2013, which Citi believes would set the company’s stock on course for the $675 price target.
