Apple's stock closed at $65.78 last night almost five per cent higher than its previous level amid rumour of a flash iPod and growing recognition of the iPod's influence on Mac sales.
Stock had risen to $69.57 by the end of November but subsequently fell. However, this latest revelation appears to signal the start of another potential high tide in Apple stock.
JP Morgan Chase analyst Bill Shope said: "While we believe concerns over Apple's valuation are certainly understandable given the stock's rapid rise, we believe expectations for the company's revenue and profit growth may still prove conservative."
Mr Shope announced that his firm now expects next year's earnings to reach $1.69 a share on sales of $12.92 billion, having previously estimated $1.48 on $11.4 billion.
Leave a comment