The analysts at Citigroup have raised their target price on Apple stock, maintaining their existing 'buy' rating on the shares.

Citigroup now hold a target price on Apple stock of $185, up $25 from the preceding $160 target. The analysts cited strong Mac sales, falling component prices and Apple's recent iPhone price cut as catalysts for the rosy assessment.

Citigroup analyst Richard Gardner raised his estimate on Mac sales for the current quarter to 2.17 million from 2 million, observing "stronger than expected iMac momentum," he wrote in a research note.

In related news, Pacific Crest analyst Andy Hargreaves expressed optimism for future growth in iPod sales, following the recent introduction of new iPods earlier this month.

With the impetus of the Citigroup upgrade, Apple shares closed up $4.13 on trading yesterday, at $148.28.