Apple shares @$600 pre-iPad launch

Apple shares soared past USD 600 for the first time on Wall Street today.

Written by Agencies | New York | Published:March 16, 2012 9:48 am

Apple shares briefly soared past USD 600 for the first time on Wall Street today,a day ahead of the launch of the next-generation iPad.

Shares of the Cupertino,California-based gadget-maker hit USD 600.01 shortly after the ringing of the opening bell at 1900 IST. An hour later,they were trading at USD 590.12,up 0.09 per cent over yesterday’s close.

Apple shares have gained 57 per cent in the past three months and 73 percent over the past year. They were trading at USD 252.35 on March 16,2011.

Some analysts are forecasting they will go even higher.

Morgan Stanley pinned a USD 720 price target on Apple shares while Canaccord Equity aimed at USD 710.

Apple’s new iPad goes on sale on Friday in the United States and nine other countries including Australia and France. A week later the new iPads will be available in nearly 30 more countries.

It has become standard to see long queues at Apple shops on release dates,and a flood of orders for iPads at firm’s online store indicates the ritual will continue on Friday.

“If pre-orders are any indication,we are going to end up with a heck of a lot of people lined up at the stores,” said Gartner analyst Van Baker.

A key upgrade to the new iPad is eye-grabbing screen resolution on a par with that of the iPhone 4S.

The new iPad also boasts a more powerful processor and the ability to connect to the latest 4G LTE telecom networks that move data faster than their predecessors.

A high-energy launch is vital to Apple,since the tablets are the company’s second-best selling device after iPhones in a wildly successful but extremely narrow product line,Baker said.

Apple’s online shop quickly sold out of iPads available for delivery on Friday and began telling buyers they will have to wait several weeks.

Analysts at Canaccord Genuity predicted Apple will sell 65.6 million iPads this year,raising their forecast by nearly 10 million tablets after the unveiling of the latest model.

“We believe Apple has extended its leadership position in the fast-growing tablet market,” Canaccord Genuity said in a note to investors. “We believe the new iPad has raised the bar relative to competing tablets.”

Apple is offering a 16-gigabyte iPad 2 model for a trimmed price of USD 399 in a move which “should expand the market for the product as well,” according to NPD analyst Ross Rubin.

New-generation iPads are being sold at the same prices as previous models,which start at USD 499 for a basic model featuring wireless connectivity only.

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