Citi Maintains Buy on Apple

Citi is out with its report today on Apple (NASDAQ: AAPL), maintaining Buy.

In its report, Citi writes, "We rate AAPL shares Buy/ High Risk (1H) with a 12-month price target of $480. We believe that Apple remains one of the best ways to play the ongoing digitization of all entertainment content (music, photos and video) because of the company's superior software for managing, editing, and sharing this content."

At the time of posting, shares of AAPL were trading pre-market at $368.15, down 2.13% from Wednesday's close.