Shares in Apple Inc. closed higher Monday after Morgan Stanley analyst Katy Huberty raised Apple’s price target and estimated the company would sell some 61.5 million iPhones in 2011. The stock closed at US$246.76, a gain of $4.44 (+1.83%), on moderate volume of 26.8 million shares trading hands.
Ms. Huberty raised her price target on AAPL to $310, up from $275, among the last of the major analysts to boost their price targets to the $300 level, and investors took the news well. (See The Mac Observer’s full coverage for more information on Ms. Huberty’s research note.)
The stock had traded as high as $250.90, but investors pared those gains in the closing minutes of the trading session, along with other tech stocks. Concerns about the financial sector in reaction to a downgrade of investment banker Goldman Sachs is being blamed for the late afternoon losses.
*In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.