Bear Stearns raised its 12-month price target on Apple stock last Friday, setting a target of $115 to $120 from the previous level of $90 to $95. The brokerage is said to have based this estimate on the benefits of an as yet unannounced Internet strategy from Apple.
Apple closed at $115 exactly on Friday evening.
A press release from Bear Stearns states: "We view Apple's near-term outlook with increasing confidence following conversations with management. It appears the quarter is on track, and there may be an upside in the revenue numbers due to better-than-expected consumer sales going into the Christmas season."
Apple’s stock stood at $33.75 on December 7 last year.