Apple's Stock Surges Toward 5th Record Close This Month
Apple Inc.'s stock rallied 1.1% in midday trade Tuesday, putting it on track for its fifth record close this month, and 11th so far this year, after a bullish note from UBS. The stock was changing hands at $142.36, above the March 20 record close of $141.46, but below the March 21 all-time intraday high of $142.80. UBS analyst Steven Milunovich said he could envision a scenario that pushes Apple's stock price up to $200 over the next 2 to 3 years, which is 40% above current levels. Even Milunovich's "most likely scenario" has Apple's stock at $175, which is 23% above current levels. A third scenario Milunovich described was a bearish one, as iPhone maturation, the lack of new products and margin pressure could knock the stock down to $125, or 12% below current levels. The has soared 23% year to date, while the SPDR Technology Select Sector ETF has climbed 9.5% and the Dow Jones Industrial Average has gained 4.4%.
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