Apple’s unstoppable momentum
In a year in which tech companies have struggled to stay alive, Apple’s stock has doubled.
In January of 2009, Apple stock was priced at $78. Last week, it closed at $184. Also late last week, three major investment firms elevated their expectations for Apple. On Thursday, Oppenheimer analyst Yair Reiner increased his target price for Apple from $185 to $210, while Bank of America/Merrill Lynch analyst Scott Craig increased his target from $185 to $220. On Friday, UBS analyst Maynard Um jumped on the Apple bandwagon, and raised the bet, escalating Apple’s target price from $170 to $265.
A 236% jump in stock price from January to October would be remarkable for any company. But in the case of Apple, it happened under the most bizarre of circumstances.