Citigroup Reports on Apple

Citigroup commented on Apple AAPL in a report released yesterday. In the report, Citigroup was positive in its assessment of the company. Citigroup writes, "Apple previewed several significant new products during the opening keynote of this week's Worldwide Software Developers' Conference, including 1) Mac OS X Lion, the eighth major release of Mac OS X since 2001, 2) iOS 5.0, the fifth major release of the company's mobile OS since 1997, and 3) iCloud, a “digital locker” and synchronization service for apps, files and multimedia content. We believe these new offerings keep Apple well ahead of the competition both in terms of functionality and ease-of-use. Seamless cloud synchronization also provides an additional incentive for customers to buy multiple devices within the Apple ecosystem." Citigroup currently has a Buy/High Risk rating on Apple and a price target of $435. Shares of Apple closed at $338.04 on Monday.