Apple's Stock Target Raised To $145

Apple Inc.'s strong smartphone demand during the fourth quarter should help drive long-term unit sales, analysts at Canaccord said in a note to clients Monday. The analysts raised their price target on Apple's stock to $145 from $135. Canaccord in December predicted that Apple would ship 63 million iPhones during the quarter. Apple sold a record 74.5 million. "Growing iPhone user base should drive steady [long term] iPhone sales and strong cash flows," the analysts said. Shares of Apple traded 0.2% lower at around $118.75 in pre-market trade.