Apple is ON FIRE! $606 Billion Market Cap is Here
Apple (NASDAQ:AAPL) touched a record stock price high of $648.19 on Friday afternoon after an analyst note to investors said the company had put the rumored iPad Mini tablet as well as a new full-fledged television set into production. The previous high for Apple shares was $644, which came on April 10.
“We believe Hon Hai is the main manufacturer for the iPad mini,” Peter Misek, an analyst at Jefferies & Co. said in his report. Misek said Hon Hai, which is Apple’s largest manufacturer, had seen its revenue increase 5 percent in July from the previous month, even though sales are typically little changed at this time of year. Misek also cited other recent data from Sharp and “other specialty chemical and TV component suppliers.”
Misek also raised his price target on the stock to $900 from $800 and said he estimates Apple will make 25 million iPad devices of all kinds in the current quarter, up from a previous estimate of 16 million.
The company has not said anything about creating a smaller iPad or a television set, though speculation has been rife about both products.
Apple’s iPad shipments grew 44 percent to 17 million in the second quarter, giving it the biggest share of the tablet market by a huge margin, according to a report from IHS. However, with rivals Google (NASDAQ:GOOG), Microsoft (NASDAQ:MSFT), and Amazon.com (NASDAQ:AMZN) preparing new tablet devices, Apple is also said to be working on a smaller version of the iPad in order to keep up.
Apple shares were up almost 9 percent a little after midday in New York. The stock fell last month after the company’s earnings report for the June-ending quarter showed slowed growth and the company missed Wall Street expectations. However, through close of trading on Thursday, the company’s stock was up 57 percent this year.
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