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Technology Stocks : Apple Inc.

AAPL 273.11

-0.5%

2:05 PM EST

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JP Sullivan

NickLemb

To: Moonray who wrote (168817)	4/24/2014 7:13:41 PM
From: MGV	2 Recommendations of 213176

Citicorp should be embarrassed. Glen Yeung, Citi: Solid Quarter on Strong iPhone Sales but Guides below Street Expectation. "The company shipped 43.72M iPhones in the quarter, above expectations for 38.45M but disappointed street estimates for iPads, shipping only 16.35M vs. consensus at 19.83M. Management cited inventory reductions as the reason iPad sales disappointed and highlighted channel inventory is now within Apple's targeted range. Management guided 3Q'14 revenues to be in the range $36-38B slightly below consensus at $38B and gross margins to be in the range 37-38%, in line with street estimates for 37.4%." Neutral. Raising price target to $570 from $560. Glen Yeung has had a neutral on Apple from 425, even as he keeps raising the price target. He is the poster child for irrelevance. What are analysts supposed to do again?

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