Apple Stock: $700 Apple Stock Price?
March 15, 2012 by staff
Apple Stock: $700 Apple Stock Price?, Apple Inc. (AAPL), getting a boost from anticipation of the new iPad, rose to a record today and may climb 19 percent to $700, according toanlysts who raised their price targets for the stock.
At least fouranlysts, including Katy Huberty at Morgan Stanley in New York, have increased price targets to $700 or higher in the past two weeks. Apple, based in Cupertino, California, rose 3.8 percent to $589.58 at the close in New York and has gained 46 percent this year.
More are likely to boost targets as they quantify the market share of the new iPad, said Michael Walkley, ananlyst at Canaccord Genuity, who raised his target to $710 yesterday. The average price target of 43anlysts surveyed by Bloomberg is $605, which could mean updates are lagging behind, he said.
“As they do their checks in the quarter and stronger numbers come through, it leads to better earnings power than we were seeing even six weeks ago,” Walkley said in an interview. “Someanlysts are behind the curve on estimates.”
Shares of some Apple competitors have languished as the company takes market share. Hewlett-Packard Co. (HPQ), which has tried competing with Apple through smartphones, tablets and personal computers, has tumbled 41 percent in the past 12 months. Nokia Oyj has fallen 40 percent. Research In Motion Ltd., the maker of BlackBerry smartphones, has dropped 79 percent.
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