Skip to main content

Apple Inc.'s stock is one of the few shining lights on Thursday, breaking a 52-week high on blowout third-quarter profit driven by stronger-than-expected sales of its flagship Macintosh computers and iPods. The stock is trading at $144.89 (U.S.), up 5.6 per cent or $7.63 on the Nasdaq, after trading as high as $148.50. RBC Dominion Securities analyst Mike Abramsky raised his price target to $175 from $160, citing his fiscal 2008 outlook. He called the company's fourth-quarter guidance conservative, saying he expects even stronger Mac and iPhone momentum in the final quarter, offsetting margin concerns. Apple shipped 270,000 iPhones in less than two days of sales after the launch and Mr. Abramsky writes that demand is being sustained. The company is still targeting shipments of 10 million iPhones in the first 18 months.

Report an error Licensing Options
Comments

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨