Shares of Apple (AAPL) traded modestly lower today, pulling back after a steep run-up in the past month. Some investors are looking at the short term parabolic chart and selling their shares hoping to buy them back at lower prices. However, Apple may offer solid long term prospects as its iPad and iPhone 4 spread to new countries all across the globe.
“Not only are the analysts underestimating the strength of the iPad,” said Andy “Raw” Kibbens, co-CEO of The Markets Are Open, “But they don’t even consider new products such as Apple TV in their estimates. The new iPods are also coming out. All these can be huge for Apple.”
Kibbens increased his price target for Apple back in May to $333 per share. The stock has risen steadily since then.
To read the full Apple report, click here.
“People fret about Apple’s market capitalization,” Kibbens said, “But this innovator’s just getting started. Next stop - Exxon.”
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