Citi and Piper's reports are helping Apple (AAPL +3.1%) turn in another strong performance;...

|About: Apple Inc. (AAPL)|By:, SA News Editor
Citi and Piper's reports are helping Apple (AAPL +3.1%) turn in another strong performance; shares are now up 16% from their Nov. 16 low. The gains come even though Pac Crest's Andy Hargreaves is slashing estimates (albeit keeping them above consensus) and predicting Apple's gross profit per iPhone unit has peaked after steadily rising for 5 years. Hargreaves now thinks the iPhone 5 will have a cost of goods sold of $370, up from a prior forecast of $353.