Apple shares hit new all-time high
Posted by Dennis Sellers 
Apr 26, 2007 at 11:45am
Apple Inc. watched its shares jump past the US$100 mark to set a new all-time high Thursday, March 26, after the company reported an 88 percent increase in second-quarter earnings. Shares of Apple were up 5.32, or 5.6%, at $100.67 by early afternoon, setting a new all-time high for the shares, on a split-adjusted basis.
The gains have spooked at least one analyst. Richard Gardner of Citigroup downgraded Apple to a hold rating Thursday morning, saying the benefits of new products such as the much-anticipated iPhone are already reflected in the share price, according to MarketWatch.
“While we continue to like Apple’s long-term growth opportunity, we see little more than market returns in the shares from current levels,” he wrote in a note to clients.
Most of Wall Street remains bullish on the shares, however. Chris Whitmore of Deutsche Bank lifted his price target to $140 from $130.
“We believe Apple’s share price will be supported by continued strong customer uptake of iPods, iPhones and new Mac product roll-outs,” he told MarketWatch.
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Dennis Sellers
Dennis has been a newspaper editor/reporter (seven years) and teacher (seven years). He has over 10,000 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.
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