“Apple Computer (AAPL) has rallied to another new all-time high today, spurred northward by positive musings from Merrill Lynch. The brokerage firm upped its 12-month (pre-split) target on AAPL above the psychologically significant century mark, boosting it 20 percent to $102 from $85. Reacting to the fact that Sony’s President shared the stage with AAPL head Steve Jobs at MacWorld, Merrill hypothesized that the two firms may be exploring business ventures with one another,” Beth Gaston Moon writes for SchaeffersResearch.com.
“APPL’s price chart is likely to inspire tears of joy from even the most stolid of bulls. The stock has increased nearly seven-fold since mid-2003 and has overcome previous all-time highs in the 75 region,” Gaston Moon writes. “As exemplified by Merrill Lynch’s vote of confidence earlier today, analysts have become to warm to AAPL. According to Zacks, there are a combined 12 ‘buy’ and ‘strong buy’ ratings on the stock, compared to five ‘holds.’ What is odd is the one lingering outright ‘sell’ on a stock that continues to produce dazzling technical and fundamental results.”
Full article here.
MacDailyNews Note: AAPL is currently trading up $3.34 at $87.97 per share, and earlier today hit a high of $89.08.
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