Citigroup’s Suva Sees Apple Buying Back More Shares

13 APRIL 2022 - You know what might strengthen Apple shares? Apple buying a lot of them up. Citigroup analyst “Gentleman” Jim Suva thinks Apple will use this month’s earnings announcement to announce another round of those. 

Bloomberg caught a note he posted on Tuesday. According to the piece, “Suva estimated that [Apple] might announce a buyback of $80 billion to $90 billion, while also increasing its dividend by 5% to 10%.” 

That could prove to be a catalyst for Apple shares, as could new stuff we don’t know about. Suva argues that Apple’s current market value doesn’t reflect stuff we all think we know is coming, like Apple’s anticipated AR/VR plays and - of course - the elusive Apple Car.

As for current worries in the supply chain, Suva thinks those “could provide a near-term stock pullback which we would use as a buying opportunity.” Suva’s got a “Buy” rating on Apple shares. He’s put Citigroup’s price target on the shares at $200.