Apple stock has another 30% upside, Citi says in new buy rating

Analysts at Citigroup believe that Apple Inc. still has the potential to rally another 30%, even after recent gains that took the company’s valuation close to $3 trillion. Atif Malik, an analyst at Citigroup, started coverage of Apple with a buy rating and a $240 price target, the highest among Wall Street analysts. Malik believes that the Street is underestimating the potential for continued gross margin expansion at Apple, driven by a shift towards higher-end iPhones and further market share gains in China and India.

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