Apple shares hit new all-time high in intraday trading

Apple (AAPL) shares shot up $5.52, or 3.83%, to $149.67 in intraday NASDAQ trading after Citigroup raised its price target to $185 from $160.

Apple’s current 52-week high stands at $148.92 set on July 27, 2007. Apple’s 52-week low is $72.60, set on October 11, 2006.

In a research note to clients this morning, analyst Richard Gardner reiterated his “buy” rating on AAPL shares and said that signs show that Apple’s Mac sales will exceed estimates, with other catalysts, such as the release of Mac OS X Leopard and the European iPhone launch, looming.

[Thanks to MacDailyNews Reader “GizmoDan” for the heads up.]

11 Comments

  1. Those of us with the courage of our convictions are getting the AAPL payoff. While the idiot anal-ists, pundits and assorted Apple haters whine and moan and lose $$$ on their AAPL stock shorts, we AAPL investors clean up. I think we are going to see AAPL take a major run up until quarterly earnings are announced on October 25. There will be some reverses on the way up, but the overall move will be up a whole bunch. I can easily see AAPL hitting 160 and above before FQ4(Cal Q3) results.

  2. What difference does it make to you that the USD has been sliding for a while? Unless you are a globetrotter, you are using USD in your daily shopping, and you are thus pretty insulated from currency fluctuations. If a pack of gum cost you $1 yesterday, no amount of currency fluctuation will make that gum cost different today.

    If anything, as the USD slides, it makes Apple products cheaper overseas, leading to more sales, and more profits, and a higher share price. Of course, you can say, doesn’t it affect the price of the cost of goods that Apple uses to make its products? Possibly, but it’s very likely that those contracts are denominated in USD, and it’s also likely that if they aren’t, that Apple has hedged its foreign currency exposure.

  3. To KenC:

    It doesn’t require a globetrotter to get affected by US dollar slide. Vast majority of goods sold in the US are imports (including a good percentage of crude oil). Most of it comes from China, but plenty is from other parts of the world. While some of these exporters are recognising the diminishing purchasing power of the US and are consequently trimming their profit margins, the imported goods are mostly getting more and more expensive for the US consumer. This is why many things cost disproportionately more now than five years ago, compared to products from the domestic markets.

    Having said all that, I’m glad I am long on AAPL, as it has proved to be a great source of growth for my retirement / kids’ college fund portfolio.

  4. Last Christmas I bought another 100 shares of AAPL when my Schwab investment counselor called, advising me to sell my 5,600 shares at $85.

    That was $65 per share ago . . . or $370,000 that would have been left on the table had I followed his advice.

    But then again, like MOST market analysts, he didn’t know AAPL from Shinola. I did . . . and do. Thankfully.

  5. @predrag
    Yes, that’s true. But most importers are not passing on those increases. Look at the inflation rate for consumer goods.

    Now did anyone realize that Apple very likely passed HP in market cap this morning, when it hit its intraday high?

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