Apple Stock Hits Almost $150 in a New High

· by · Apple Stock Watch

Appleis 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 Appleis 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.

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John Martellaro

John Martellaro

John Martellaro was born at an early age and began writing about computers soon after that. He is a former U.S. Air Force officer and has worked for NASA, White Sands Missile Range, Lockheed Martin Astronautics, the Oak Ridge National Laboratory and Apple. At Apple he worked as a Senior Marketing Manager, a Federal Account Executive and a High Performance Computing manager. His interests include skiing, chess, science fiction and astronomy. You can follow John on Twitter at twitter.com/jmartellaro.

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