Apple's Stock Predicted to Soar with Potential $4 Trillion Market Cap
TL;DR Summary
Citigroup has initiated coverage of Apple Inc. with a buy rating and a $240 price target, stating that the stock has the potential to rally another 30%. The analyst believes that the market is underestimating Apple's potential for continued gross margin expansion, driven by higher-end iPhones and market share gains in China and India. Despite already rising 46% this year and approaching a $3 trillion market capitalization, 68% of firms recommend buying Apple, according to Bloomberg.
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