AAPL hits another all time high

Once again, Apple stock (AAPL) has hit a new intra-day high, and this time it's a really good one. This is the first time Apple has broken into the lofty US$350s. Things are moving quickly, but when I started this post, AAPL was up 6.66 points to $353.17 on moderately high volume of about ten million shares, and no one knows where it will wind up for the day. Although the market is having quite a good day, this would indicate to me that much of the bad news and emotion based on the medical leave of Steve Jobs has been filtered out. It might also have something to do with the first delivery of the Verizon iPhone 4.

In other news, Philip Elmer-Dewitt of Fortune's Apple 2.0 has noted that Susquehanna has upped its target price for AAPL to $465. There seems to be a bandwagon mentality that analysts are jumping onto. He goes on to say that Charles Wolf of the Needem Funds raised his estimate to $450, a jump of $75. Meanwhile, Brian White of Ticonderoga kept firm on his price target of $550. This is most likely based on AAPL breaking out of a trading range with support at $326 and resistance at $345.60 causing everyone to reshuffle their estimates.


[via TradersHuddle.com]