High hopes for Apple stock


High hopes for Apple

Apple stock hit a high Monday before retreating slightly after Citigroup raised its share-price target and earnings estimates. The stock rose 2.9% to $148.28 after Citigroup lifted its target from $160 to $185, citing surprisingly strong computer sales, Apple's recent price cut for its iPhone and falling component prices for iPods. Citigroup analyst Richard Gardner raised his earnings-per-share estimates for Apple from $4.30 to $4.76 for 2008, and from $5.55 to $6.35 for 2009. Apple was Monday's second-biggest gainer on The Hollywood Reporter's Showbiz 50 stock index.