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Apple Stock Hits Almost $150 in a New High

by , 12:45 PM EDT, September 24th, 2007

Apple's stock hit a new high on Monday after Citigroup raised its target price and earnings estimates, according to Reuters on Monday.

Briefly, APPL was at US$149.85 on Monday morning.

Citigroup raised its target price from US$160 to US$185 as it cited stronger than expected sales, falling component prices and Apple's recent price cut for the iPhone.

Citigroup analyst Richard Gardner, in a note to clients, raised his earnings estimate for Apple to US$4.76/share for 2008, up from $4.30. He also expects Apple to sell well over 2 million Macs, about 2.17 million, based "on stronger than expected iMac momentum."

Jon Najarian, co-founder of Web information site optionmonster.com, said that the Citigroup note has been the catalyst and that buyers are overwhelming sellers.

At 12:45 PM Eastern, AAPL was at US$148.93.

If you are interested in Apple's stock, join our forum members in the Apple Finance Boards, a moderated forum for Apple Investors and people who are interested in Apple's financial dealings. For other stories regarding Apple's stock activity, visit our updated Apple Stock Watch Special Report.

Observer Comments

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Close Name:gslusher Posts: 2048 Joined: 13 Nov 2002
Tue Sep 25, 2007 4:38 pm Subject: Another new high

AAPL closed today (Tuesday, Sep 25) at $153.18, up $4.90 (3.3%) from Monday.


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