Apple Embarks On Split-Adjusted $1,000 Target
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Apple Inc. (NASDAQ: AAPL) shares were trading higher by $1.17 at $132.56 in Friday's session. It has outperformed the S&P 500 as the index has posted a modest gain while Apple shares are higher by 3 percent.
The rally was kick-started on Monday when Carl Icahn revealed his plan for the company to reach his projected price target of $240. His plan is predicated on the the company continuing its rapid growth rate and putting its cash hoard to work by increased share buyback that will put additional pressure on fund managers already underinvested in the issue.
Following Monday's $1.42 gain, it hovered around the $130 level for two days, tacked on another $1.33 on Thursday and is grinding higher in today's session, so far reaching $132.97. It is poised to improve on its all-time closing high ($132.65) that was put in place before its blockbuster Q1 report on April 27.
Its all-time high ($134.54) was made on the day following the report, but investors that anticipated the great quarter choose to take profits. As a result, it ended that session at $130.56 and drifted down to $124.58 before mounting its current rally.
Tech expert Sean Udall stated on Friday's #Premarket Prep that based on his analysis, Apple may reach the $145 ($1015 split-adjusted) level by mid-summer.
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