Apple Shares Top $700, A New High

Apple shares only moved up 0.3% today. But it was enough to push the stock to $701.91, a new record. The ascent follows the company’s announcement yesterday that it had more than 2M pre-orders for its iPhone 5 in the first 24 hours — more than twice as many as it received last year when it introduced the iPhone 4S. As a result the company said that demand for the new iPhone “exceeds the initial supply and while the majority of pre-orders will be delivered to customers on September 21, many are scheduled to be delivered in October.” It’s dangerous for investors to follow the crowd. But several analysts say that Apple stock has a long way to go before it runs out of gas. Sterne Agee’s Shaw Wu and Scotia Capital’s Gus Papageorgiou have a price target of $780, and Canaccord Genuity’s T. Michael Walkley projects $797.

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