Apple Inc. (NASDAQ: AAPL) has managed to hit a new intraday high of $644.13 so far today. Shares have pulled back but an analyst upgrade is behind the move. Jefferies has raised its target to $900 from $800 on Apple. The move comes as Apple broke above the all-time high of $644.00
The analyst came on CNBC and said that the new iPhone is going to be a hit, and the new Apple TV will be coming soon that will force buyers to get iPhones and iPads to fully integrate that Apple experience. The analyst, Peter Misek, believes that the Apple TV effectively will lock in customers into never buying another competing smartphone or tablet. Another positive expectation is the iPad mini.
It should be noted that Apple also went ex-dividend last week, so this rise above $644.00 is realistically $2.65 higher. Apple shares are currently up 1% at $642.75, and the prior 52-week range was $354.24 to $644.00. Without the effect of this call, the consensus Apple price target is $719.22 according to Thomson Reuters.
JON C. OGG