IPhone 5, iTV talks drive Apple’s stock price to new all-time high (updated)

apple-stock-new-all-time-high
Image Credit: http://www.shutterstock.com/pic-25927321/stock-photo-chinese-coins-in-red-apple.html

apple-stock-new-all-time-high

Updated story with the stock price after the market closed.

Apple’s share price on the Nasdaq stock exchange reached a new all-time high of $648.02 at the end of trading today, a sign investors are enthused about the rumored next-gen iPhone, Apple television, and smaller iPad.

As usual, Apple’s next big product releases are being heavily speculated about by tech publications (we’re guilty, too), and consumers can’t wait to get their hands on them. For example, worldwide cellphone sales fell 2.9 percent in the second quarter because anticipation for the iPhone 5 has become feverish. There’s also talk that an “iPad mini” will join the iPhone 5 with a release at the same time. Plus, we’re hearing Apple’s working on a new set-top box for content delivery.

All of these factors are helping Apple’s shares soar. The stock price closed the day at $648.02, a gain of 1.84 percent for the day. The stock is trading marginally higher in after-hours trading.

As for how high Apple’s stock could go, Jefferies analyst Peter Misek has raised his price target to $900 from $800. If his instincts are correct, Apple still has a ways to go before it tops out. Misek also believes the Apple “iTV” hardware device is in full production now.

Let us know in the comments if you think Apple’s share price will go up to $900 and what product you’re most excited about.

Coins in apple photo via Shutterstock