FORTUNE — Citigroup (C) was getting a lot of press Monday morning for “initiating” coverage of Apple (AAPL) with a buy rating and a $675 price target. Business Insider‘s Joe Weisenthal called it “one of the big calls of the day.”
That’s ironic, because when Citi dropped its coverage of Apple six months ago with the departure of long-time specialist Richard Gardner, the stock was $11 cheaper and Citi’s price target was $45 higher — $720 vs. $675.
Between May 8 and Nov. 26, when it seems nobody was watching Apple for Citi, the stock climbed to $705 — only $15 shy of Gardner’s target — before it fell off its own fiscal cliff.
The basic message of the new team, led by Glen Yueng, Walter Pritchard and Jim Suva, is that Apple has “troughed” and is set for a 20% to 50% bounce.
Citi’s clients might have appreciated being told that 10 days ago, when Apple hit an intraday low of $505.75. It opened Monday at $575.90.