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Apple Shares Rise After Analyst Upgrade

Shares of Apple rose Monday after Citigroup raised the company to "buy" from "hold," saying the company remained one of the best ways to play the ongoing digitization of all entertainment content.

The brokerage, in a research note, also said that there were several meaningful products around the corner like AppleTV, iPhone, Adobe Create Suite 3 and Mac OS X Leopard.

Citigroup said it sees significant gross margin growth during the company's first calendar quarter, due to rapid declines in flash memory and DRAM pricing.

The brokerage said it has a price target of $105 on Apple's stock and added that its estimates on the company for 2007 and 2008 are well above the consensus views.

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