Shares in Apple Inc. set yet another all time closing high on Friday, ending the day at US$648.11, up $11.77 (+1.85 percent), on heavy volume of 15.8 million shares trading hands. The stock was propelled by continued speculation about new products at the company’s September 12th media event and a price target bump from Peter Misek of Jefferies & Co.
AAPL Chart for August 17th, 2012
Source: Yahoo! Finance
Mr. Misek raised his price target to $900 per share from $800 after checks with Apple’s suppliers suggest the company is ready for the oft-rumored, much speculated iPad mini. Those checks also suggest that the iPhone 5 will also make an appearance at the September media event.
Apple hasn’t announced said media event, but the company did confirm it after online reports said an event would be held on September 12th. Since then, much speculation has ensued on what exactly Apple is going to announce, with the iPhone 5 and iPad mini both having near-universal consensus, with a side of Apple TV thrown in for good measure.
Speaking of Apple TV, Mr. Misek said that Apple is busily producing its first television, even though recent rumors have said that Apple is shying away from a full television set in favor of a full featured settop box.
Nonetheless, shares in AAPL have increased some 59 percent in calendar 2012, a huge increase that has made the company the most valuable corporation on the planet. The company’s market capitalization is $607.5 billion, well ahead of #2 Exxon Mobil, with a paltry market cap of $408 billion.
AAPL’s intra-high of $648.19 per share was also set on Friday, and this followed the previous closing high of $646.34 set on Thursday.
*In the interest of full disclosure, the author holds a tiny, almost insignificant share in AAPL stock that was not an influence in the creation of this article.