Apple shares back above $600 mark
Submitted by Stockmaster3 on Fri, 07/06/2012 - 04:01
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Apple Inc. (AAPL) shares crossed $600 today and closed at $610 up almost 2%. Apple has been a strong uptrend since bottoming since May 17th at around $530.
Since mid May Apple Inc has bounced back 15% which takes its 2012 performance to a 50% gain. Thanks to the recent run Apple shares back within 5.6% from its 52-week high. Apple shares still look attractive with a P/E Ratio of 14.6 and EPS of 41. Mastery concurs with many of the recent target price increases which clock a 6% to 31% increase in the next 12 months.
Latest analyst action via finviz.com for Apple:
| 12-Jun-12 | Reiterated | Canaccord Genuity | Buy | $775 → $800 |
| 30-May-12 | Reiterated | ISI Group | Buy | $525 → $650 |
| 23-May-12 | Reiterated | Oppenheimer | Outperform | $700 → $680 |
| 26-Apr-12 | Reiterated | Hilliard Lyons | Buy | $660 → $740 |
What that means shares could do in the next 12 months:
| Ticker | Current Price | Target Price | % Increase |
| AAPL | $ 609.94 | $ 800.00 | 31.2% |
| AAPL | $ 609.94 | $ 650.00 | 6.6% |
| AAPL | $ 609.94 | $ 680.00 | 11.5% |
| AAPL | $ 609.94 | $ 740.00 | 21.3% |
MASTERY Bottom line:
As Apple moves higher it helps to take the major tech stocks along with it. Let's hope the bullish trend continues.
Even at $600 a share Apple looks ripe for the picking.
AAPL CHARTS
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