Apple has largest point rise as price targets zoom

“Shares of Apple (AAPL) closed up $49.72, or almost 9%, at $610, which Dow Jones’s data gurus inform us is the largest point rise in the stock’s history, after the company last night beat fiscal Q2 expectations with a stronger-than-expected showing in sales of its iPhone, moving 35.06 million units of the thing, with strong growth, quarter over quarter, in Asia-Pacific sales overall,” Tiernan Ray reports for Barron’s. “The phrase ‘Another iPhone Blowout’ was seen in several reports this morning, and if there have been numerous concerns about subsidy cuts for the device, or price competition, they certainly didn’t show up last night.”
“Price targets and estimates rose pretty much across the board, though some analysts were trimming their numbers for this quarter and next,” Ray reports. “But any diminished outlook for Q3 and Q4 matters little to the Street, as the focus now is moving toward the introduction of an ‘iPhone 5′ sometime later this year.”


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