Apple Inc. (NASDAQ:AAPL) settled on Friday with an increase of $11.77 per share, or nearly 2%, to report its best- ever score of $648.11. The stock has rallied nearly 13% since a selloff in July that was ignited by dissatisfaction with the firm’s quarterly results.
Peter Misek of Jefferies & Co. lifted his price target on Apple (AAPL) shares to $900 per share from $800 on Friday. He mentioned in a research note that checks with Asian parts makers indicate Apple is close to releasing a highly anticipated iPad mini tablet that would be smaller than the present iPad, and that the firm could announce the coming iPhone at an event in September.
Apple (AAPL) possesses a market value of nearly $608 billion, or 50 percent more than Exxon Mobil Corp. which has $408 billion and rests at 2nd place.
Stock Hammered by Disappointed Earnings
Apple’s stock plunged the previous month following the earnings announcement for the quarter ended in June displaying the poorest results in the last two years. In a decade, it was the second time that Silicon tech giant was short of expert targets.
The Cupertino, California-based firm has not revealed its plans regarding a new iPhone or iPad as expected.
Smaller iPad, Cannon Opening at Kindle Fire and Nexus
Rumor regarding a smaller iPad has been widespread this year. Experts’ think that Apple wants to develop a low priced tablet computer to remove the risk of Google Inc.’s (NASDAQ:GOOG) Nexus 7 and Amazon.com Inc.’s (NASDAQ:AMZN) Kindle Fire, both of which have price tag of $199. The lowest price iPad is priced at $399.
iPad5, Coming Soon
Experts now think that the iPhone 5 will go on sale in late September, and it’s highly considered that it would be the best phone launch in the history of Apple. Supposed upgrades involve the ability access the best wireless data networks in the US and a little larger screen.