Loading...
See More

Apple passes $700 amid iPhone euphoria

Sep 18 2012 16:56 AFP

Related Articles

New iPhone may boost US GDP - analyst

Apple's new iPhone 5 'bigger, faster'

Apple shares rally on new iPhone 5

Apple shares soar on iPhone 5 sales

Would you buy the new Apple iPhone 5?

 

New York - Apple shares traded above $700 for the first time on Wall Street on Tuesday, amid optimism on the tech giant as it launches its new iPhone 5.

Apple rose as high as $701.44 in early trade, a day after the Silicon Valley firm said it received more than two million orders for its new iPhone 5 in just 24 hours.

The stock later dipped slightly to $699.34. The company's market value based on its stock price has surged above $655bn, extending Apple's lead as the world's most valuable corporation.

Apple unveiled the new version of its iconic smartphone last Wednesday and opened up pre-orders on Friday. The company said the hot item would be available in 100 countries around the world by year's end.

Shaw Wu, analyst at Sterne Agee, has set an Apple price target of $840.

"We continue to believe many underestimate iPhone 5 in that it is a significant update and will drive a powerful product cycle," Wu said in a note to clients, adding that the only thing holding Apple back may be "supply constraints."

Some analysts say Apple could sell 10 million iPhones in the opening days and 50 million before the end of 2012.

*Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

apple
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...