Apple Inc. (NASDAQ: AAPL) may have had a new street high price target on Monday of $750.00 per share, implying that the company was worth close to $700 billion. Now we have a new raised target that is right on the heels for the street high target. Stern Agee has reiterated its “Buy” rating this Tuesday and it has also raised its target up to a level of $740 a share from a prior target of $620 per share. Sterne Agee’s 2012 earnings estimate was raised to $43.80 per share from $43.30 per share.
The basis for the launch is that the new iPad sales have been far stronger than expected as the company recently announced the sale of 3 million iPads since the new product launch just a few days ago. Now a figure being thrown out there is potentially 60 million iPads rather than 55 million units this year.
Apple shares closed at $601.10 on Monday, a new record high. The current consensus price target objective from Wall Street analysts is now $627.04 and the current market capitalization rate on Apple is now above $560 billion.
JON C. OGG