Apple: Upgrade details (131.76 ) : As mentioned at 6:51 Citigroup upgraded AAPL to Buy from Hold and maintained their $160 tgt following Tuesday's $10 or 6.8% pullback. The firm says iPhone and iPod production cuts should not be a surprise, saying iPod production cuts reflect normal channel inventory clearance ahead of Aug/Sep new Price product intros. The firm say iPhone production cuts reflect a return to more-reasonable expectations following aggressive initial forecasts to suppliers to insure ample supply for launch. They say production cuts were already reflected in their 2HCY07 ests and consensus before today
