Citi Wednesday cut its target price for Apple to $153 from $170, joining several other analyst firms reducing Apple share price while advising investors the Cupertino company remains a good buy.
“We believe this is an attractive opportunity to buy a leading technology innovator on sale,” analyst Richard Gardner told clients Wednesday.
Although the financial firm reduced estimates for fiscal 2009 through fiscal 2010, Citi maintained a “Buy” rating for Apple shares.
Gardner cuts his Mac sales projection for 2009 to 10.05 million from 10.20 million. On Tuesday, Apple said it shipped 2.6 million Macs, below expectations.
In a similar downgrade, UBS cut its target price for Apple shares to $115 from $125 and downgraded its client recommendation to “Neutral” from “Buy.”
Noting the nearly-flat growth of Mac sales which missed Wall Street expectations, analyst Maynard Um pointed to the economic uncertainty which lies ahead.
UBS predicts Apple earnings for 2009 will reach $37 billion, down from $37.8 billion it had projected.
Earlier today ThinkPanmure analyst Vijay Rakesh cut Apple’s target price to $140 from $170, despite stronger-than-expected iPhone sales of 6.9 million in the fourth quarter.
2 responses to “Citi Cuts Apple Target Price To $153, Joining Other Markdowns”
hmmm…and we should listen to Citigroup for what reason??? I know, their stellar performance over the last 12 – 36 months….