As Apple Stock Challenges $700, BofA Raises Target to $850
Apple Inc. (NASDAQ: AAPL) has been all the rage for quite some time. Shares put in a new high close of $699.78 on Monday, which is just under that elusive $700 handle that very few companies have ever reached. Last…
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The obvious hype here is the iPhone 5 and the orders having reached 2 million units in just 24 hours. There has still been no formal word of that Apple TV that analysts and Apple fanboys have been talking about for months and months.
Apple shares are trading marginally lower this morning by only about $1.00 as the market is soft. One analyst call stood out as Bank of America/Merrill Lynch reiterated its Buy rating. The firm raised its price target objective to $850 from $770 listed previously. We would note that the Thomson Reuters official price target objective this morning was about $757. BofA also raised earnings targets for the fiscal years 2012, 2013 and 2014.
BofA cited healthy initial demand and a faster than expected global roll-out for the iPhone 5.
S&P futures are down by about 2 points and Nasdaq futures are down almost 3 points so far this morning.
Apple shares are down at $698.35 in active premarket trading.
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
