Apple stock passes $100 milestone

Apple's ever-increasing share price nudged past the $100 mark in trading yesterday, hitting a peak of $103.75 before closing the day down at $97.375. Apple's stock has been edging upwards from around the $40 mark since April, and despite a few dips has maintained steady growth over that period. Analysts were quick to upgrade their estimations of Apple's stock performance on the news. J.P. Morgan raised Apple's price target to $115, and again raised the 'buy' flag over the stock, according to MacWeek, while Donaldson, Lufkin & Jenrette analyst Kevin McCarthy upped his 12-month target to $140 from $95. Of course, that level of growth will depend on solid sales during the current, Christmas quarter. Other analysts cited by MacWeek reckon that's exactly what Apple will get, despite market researcher PC Data's discovery that, for October at least, the growth in PC sales through US retail, mail order and online channels was lower than it has been in the past. Looking ahead, however, the prospects look better for Apple, not only as its chip supply problems are set to be sorted out by the end of 1999, but with new PowerBooks due to be announced early 2000, possible an Apple-branded Palm-based handheld and, in particular, the company's move into retail, the company's profile in the consumer market should grow significantly with (hopefully) a commensurate increase in sales. ®