The iPhone maker's shares rose above $299 on Tuesday, and closed at an all-time high of $298.54, up $3.18, or 1.08%. Year to date, the stock has surged nearly 42%, and over the past 12 months it rallied about 56%. It is expected to continue to push ahead, Rex Crum reports, especially after it releases quarterly earnings next Monday.
Barclays Capital analyst Ben Reitzes raised his target price on Apple's stock to $385 a share from $340. He likes the FaceTime technology that allows video calls over WiFi networks, which Apple includes in the iPhone 4 and the newest model of the iPod touch. And he says his target might be conservative if the technology is added to iPads and Macs as well.
Meanwhile, Apple's iPhone 4 and iPad sales haven't been too shabby either: Apple sold at least 3 million iPhone 4s from the late June launch to early September, and almost 3.3 million iPads to date, MarketWatch reports.
Some analysts even see Apple reaching $400 and beyond, MarketWatch adds. And as Yair Reiner of Oppenheimer, who has a $345 price target on the stock, wrote last week, "Bottom line, as big as Apple is today, it seems destined to get much bigger."