An apple a day has been prescribed for any number of ailments, including improving poor grades and stepping up oral hygiene. This morning brings hope that an apple will shine bright enough to stop the stock market from skidding.
Apple (AAPL) shares zoomed in pre-market trading after receiving a share price increase from Goldman Sachs. The investment bank placed the stock on its "Americas Conviction Buy List" and now sees it moving to $220 from its previous target of $185. Merrill Lynch also got in on the act, reiterating its buy rating and raising the price target to $215 from $186.
Apple is the most innovative company on the planet -- with all due respect to Google (GOOG) --and I think its product pipeline will make it a $300 stock in the next 24 months. In the meantime, the big spark is expected to be the early unveiling of the 3G iPhone.
Frankly, I'm surprised it took this long for Goldman Sachs (GS) and Merrill Lynch (MER) to be convinced.
No positions in stocks mentioned.
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