Apple up in premarket as Citigroup adds to 'top pick live' list
February 11, 2008: 08:13 AM EST
NEW YORK, Feb. 11, 2008 (Thomson Financial delivered by Newstex) -- Shares of Apple Inc. rose in premarket trading Monday after Citigroup (NYSE:C) added the company to its top picks live list.Analyst Richard Gardner said concerns over reductions to iPod and iPhone build plans are already fully reflected in the stock price. Gardner also said he sees 'significant offsets' to sluggish first-half 2008 iPod unit growth, including continued strong demand for PCs, lean inventories, further expansion of Apple's relationship with Best Buy Co. (NYSE:BBY) and the introduction of MacBook Air.He also believes the percentage of iPhones unlocked and used in networks where Apple receives no residuals will decline as the iPhone is officially launched in more countries.Gardner reiterated his buy rating and $212 stock price target.The stock rose 1.4% to $127.22 ahead of the open.
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