New Highs For Apple
09.24.07 - 04:38pm
Apple hit new all time highs on the stock market today trading at $149.85, beating their old high made on July 27th of $148.92.
The jump of over $4.00 for the day was on the news that research analyst Richard Gardner from Citigroup upgraded Apple’s target price to $185 from $160.
Gardner did so based on Apple’s widening of their already thick profit margins, and ever increasing PC sales. “We are raising our September quarter PC unit estimate from 2.0 million to 2.17 million units on stronger than expected iMac momentum following the August 7 product refresh,” Gardner said.
Gardner also expects the iPhone production to be increased due to the price decrease. He says that recent checks show that approximately 3.8 to 4.0 million units will be available for 2007.
He added that Apple’s shares will also increase due to anticipated catalysts such as the October launch of the Leopard operating system, the European launch of the iPhone, and the launch of the 3G iPhone in 2008.
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