Shares in Apple Inc. were trading at yet another intra-day high Monday, above the $350 mark in the afternoon session. Investors were reacting positively to two new price targets on the company stock, as well as a general tech rally sparked by Morgan Stanley adding HP to its Focus List with a new price target.
In mid-afternoon trading, shares in AAPL were selling for $351.12, up $4.62 (+1.33%), on moderate volume. Shares hit an intra-day high of $353.25, but gave back some of those gains as the trading day wore on. The company’s closing high of $348.48 was set on January 14th, 2011.
Earlier on Monday, we reported that Susquehanna analyst Jeff Fidacaro raised his target price for Apple’s stock from US$375 up to $450, projecting that the company would sell 76.7 million iPhones and 19.8 million iPads during fiscal 2011.
Needham & Co. analyst Charlie Wolf also raised his target price for AAPL from $375 to $450, also on the strength of future iPhone and iPad sales. MarketWatch reported that he was maintaining his “Buy” rating on the stock.
As for HP, Mark Moskowitz of J.P. Morgan added the company to his Focus List, a list of stocks he advises his clients to pay more attention to. He believes the company’s press conference to be held this weekend will include announcements that prove to be a catalyst for improved investor sentiment in the PC giant.
*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.