Citi catapults Apple price target 30%

Analyst Jim Suva rises from deep underwater “despite dour sell side sentiment.”

TheFly has the scoop:

Citi analyst Jim Suva raised his price target for Apple to $220 from $170 and reiterates a Buy rating on the shares. The stock closed yesterday up $1.63 to $188.16. The analyst remains positive on Apple shares “despite dour sell side sentiment.” He expects Apple to raise its dividend in April and increase its buyback authorization by another $100B while generating an estimated $60B-$65B of free cash flow each year. From a holdings perspective, Apple shares are no longer in the S&P 500 Growth Index Funds and have completely transitioned to being represented in the Value Index Fund, Suva tells investors in a research note. He believes “many growth investors” have a negative view on the shares with short interest as a percentage of free float the highest it has ever been over the past two years.

Maintains Buy rating, raises price target to $220 from $170.

My take: Waiting to see the note.