updated 04:20 pm EDT, Wed October 6, 2004
Apple shares rise to $40
Shares of Apple rose today, as one analyst on the stock and others weighed in on the company's outlook ahead of its fourth-quarter report next week. Apple closed today at $40.64, after peaking as high as $40.76. The company's shares have more than doubled since their 52-week low of $19.25 on Dec. 22 and are trading at levels not seen in four years. First Albany analyst Joel Wagonfeld on Wednesday raised his price target on Apple's stock to $44 a share, saying that Apple's "momentum hasn't peaked, so valuation probably hasn't either." Wagonfeld said, in a research note, he believes Apple has room to grow due to several different product drivers. Shares closed at xxx today.