Apple Inc.'s stock won a new fan on Wall Street late Thursday as Citi Research analyst Atif Malik initiated coverage of it with a buy rating.
Apple Inc.’s stock won a new fan on Wall Street late Thursday as Citi Research analyst Atif Malik initiated coverage of it with a buy rating.
“We believe the Street is underestimating continued gross margin expansion,” he wrote in his note to clients, which was titled: “A Hardware Company That Thinks Like a Software Company.” The company stands to benefit as India’s middle and upper classes grow, Malik said. Those cohorts could grow their spending by six times come 2030, he wrote.
Other emerging markets, including Mexico, Saudi Arabia, Turkey and the United Arab Emirates, offer opportunity as well.
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