MacNN | Citigroup dubs Apple an attractive buy

Citigroup dubs Apple an attractive buy

Monday, June 26, 2006 @ 3:45pm

Citigroup has added Apple along with two other companies to its investment research recommended list. The iPod-maker's recent share price weakness signals an attractive entry point into a company with strong fundamentals and a likelihood of taking market share in the PC business, according to Reuters. Citigroup holds a $75 price target on Apple shares, which rose during morning trading. Analyst firm Bear Stearns in mid-June lowered estimates for Apple based on iPod seasonality, but maintained its "outperform" rating on the stock predicting second-half strength. The firm wrote that Intel-based Macs and music will likely drive earnings in the second half of the year, noting that Apple's valuation looked attractive.

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