Shares in Apple Inc. closed for a record high for the third trading day in a row, ending the day at US$298.54, up $3.18 (+1.08%), on light volume of 19.9 million shares trading hands.
The stock hit a new intraday high, as well, briefly peaking at $299.50 per share, just shy of the $300 mark. In addition to anticipation for Apple’s upcoming quarterly financial announcement on Monday, October 18th, the company has been getting a steady stream of positive news, such as the iPad being proclaimed the best-selling gadget ever.
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In addition, Ben Reitzes of Barclay’s Capital bumped his target price for AAPL to $385 per share, up from $340, calling Apple a growth play. He maintained his “Buy” rating on the stock.
In a research note to clients obtained by The Mac Observer, Mr. Reitzes said, “Even at this market cap, we continue to believe Apple is the best growth play in the IT hardware segment — with prospects for significant double-digit organic revenue growth for several more years.”
*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.