Apple Stock Hits Almost $150 in a New High

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, 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.

<!--#include virtual="/includes/newsite/series/stockwatch.shtml"-->