Shares of Apple reached a record of $600 briefly today as the market anticipated strong sales of the new iPad, which will be available beginning tomorrow.
Shares rose 1.8 percent to reach $600 early this morning but then
retreated and closed at $585, giving the company a market valuation of
more than $550 billion. This historic move comes one month after Apple
stock hit $500. Shares were at $403 the day before Christmas and have
been rising steadily for the past three years.
A handful of analysts increased their estimates on Apple’s share price this week, citing the company’s dominance in the
tablet
market, along with strength in the smartphone market and growth in
desktops and laptops. For example, Piper Jaffray analyst Gene Munster
raised his price target on Apple shares to $718 from $670 and now
expects the stock to climb above $700.
