Apple shares at all-time high
Posted by Dennis Sellers 
Oct 23, 2007 at 12:13pm
Apple shares set a new all-time high Tuesday, surging more than seven percent after the consumer technology giant reported a 67 percent jump in fourth-quarter earnings, notes MarketWatch.
Mac sales topped the two million mark in the September quarter. More than 1.1 million iPhones were also sold during the period. Apple shares rose more than $13 to $188.56 in early trading amid positive reaction to the report. The stock has already been on a strong run for the year, gaining more than 100 percent since the January introduction of the iPhone before Monday’s report, adds MarketWatch.
“We believe that iPhone hype is creating a ‘halo 2’ that is driving sales of Macs and other products,” UBS analyst Ben Reitzes wrote in a note to clients. He boosted his price target on the stock to $220 from $182 and said he expects sales of the company’s iPod line to “recover significantly in the December quarter.”
Shebly Seyrafi of Caris & Co.— who upped his price target on the stock to $200 the day of the report – pushed his target even further, to $215, Tuesday morning and upgraded the stock from above average to a buy rating.
“Apple is firing on all cylinders as Macs will benefit from Leopard (shipping October 26), iPods are benefiting from the strong product cycle introduced recently, and iPhone sales will benefit from lower prices and entry into Europe,” Seyrafi wrote to clients.
Submissions are being taken for the “Macsimum Macworld San Francisco 2008 Coupon Book.” For details email Dennis at daseller@earthlink.net
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Dennis Sellers
Dennis has been a newspaper editor/reporter (seven years) and teacher (seven years). He has over 4,000 magazine, newspaper and online articles to his credit. He has also covered the Mac and tech industries for over a decade for such online publications as MacCentral, MacMinute and now MacsimumNews.
