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Benzinga
Benzinga
Business
Anusuya Lahiri

Citi Bumps Up Apple Price Target By 18%; Remains Bullish

  • Citi analyst Jim Suva bumped up the price target on Apple Inc (NASDAQ:AAPL) to $200 from $170 and reiterated a Buy. The new price target implies an upside of 15.6%.
  • Suva notes that demand for Apple's products and services should be "resilient" in FY22, following market share gains in 2021.
  • Suva thinks Apple's current market value fails to fully reflect its launches in new categories. The analyst sees this changing with the launch of an augmented reality/virtual reality headset.
  • While regulation is an overhang, it presents "headline risk rather than fundamental risk," and any near-term pullback in Apple shares would be a buying opportunity.
  • Price Action: AAPL shares traded lower by 0.23% at $172.59 in the premarket session on the last check Wednesday.
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