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CITIGROUP RAISES PRICE TARGET OF APPLE, STOCK RISES - Capital Street FX

05-Dec
19:57 IST

In the Premarket trading session on Thursday, Apple’s stock was trading at 263.73- higher by 0.76% as compared to its previous close.

Investment bank Citigroup raised its price target on the iPhone maker’s shares by 20% to $300 a share from $250 per share on Thursday. The investment bank, however, reiterated a Buy rating on stocks of Apple. Citigroup’s price target represents an upside of about 15% from the share’s previous closing price of $261.74.

The investment bank also raised the company’s earnings estimates. Citigroup forecasts fiscal Q1 earnings per share of $4.58, above the market expectation of $4.51. The investment bank expects fiscal first-quarter sales of $89.5 billion, above the consensus estimates of $87.5 billion. Shares of Apple have rallied 66% year to date.

On the technical front, the current price is above the MA50. The current price is below the middle line of the Bollinger Bands but is heading upwards. The stock is expected to trade higher today.

 

TRADE SUGGESTION- LIMIT BUY AT 263.50 TAKE PROFIT AT 265.00 STOP LOSS AT 262.70

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