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Apple downgraded to Neutral from Buy at Citigroup

Citigroup downgraded its rating on shares of Apple in a note to investors this morning citing concerns about the strength of iPhone 5. Citi sees diminished chances of a near-term rally in the stock following iPhone supply chain order cuts. The firm expects shares to remain range-bound for the foreseeable future and lowered its price target for Apple to $575 from $675. Apple shares closed Friday trading at $509.79.