Apple Shares Touch $600 Level For First Time
March 15 2012 - 11:45AM
Dow Jones News
NEW YORK (Dow Jones) -- Apple Inc. (AAPL) shares briefly rose
above $600 Thursday, the latest milestone in their meteoric climb
as expectations build for the company's smartphone and tablet
sales.
The Cupertino, Calif.-based consumer electronics maker's recent
rise shows no signs of slowing. Apple's allure is underlined by a
$100 billion cash pile, rapid growth despite its large market value
and rising Wall Street sales forecasts for devices including the
iPad -- the latest iteration of which is due to hit U.S. stores
Friday.
Apple shares rose as high as $600.01 shortly after trading
opened Thursday. The stock lost some steam later in the morning,
turning negative for a time and recently trading at $591.69, up
$2.16.
The first intraday trade above $600 comes 22 trading days after
the shares first hit the $500 mark, a faster pace than the 32
sessions it took to go from $400 to $500.
Piper Jaffray analyst Gene Munster raised his price target on
the shares to $718 from $670 Thursday, one of many analysts now
expecting the stock to go past $700. Munster said his previous
forecast gave Apple too little credit for "expected growth rates
for the smartphone and tablet markets."
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;
matthew.jarzemsky@dowjones.com