Earlier this week, Apple shares managed to pass the $600 mark thanks to the company's recent moves. Consequently, Rob Cihra, analyst for Evercore Partners, raised the price target even higher, at a record $750, following the new iPad success.
Apple revealed only yesterday that the new iPad sales reached 3 million units in the first weekend of availability. While officials from the Cupertino headquarters are "thrilled" with the new sales record, market analysts are buzzing over the news.
In addition to the new sales success, Apple plans a share repurchasing programme offering a dividend of $2.65 per share. "Even factoring in the new dividend and small buybacks, we model Apple exiting CY13 with net cash approaching $180B or $190/share, leaving room for today's initial payout metrics to expand," predicted Rob Cihra.
He also raised his sales estimates for iPhone from 30 million to 32 million units in the first quarter of this year and adjusted the iPad sales estimates to 13 million units. Other market analysts and representatives of investment firms upped their expectations when it came to Apple's performance. For instance, Morgan Stanley sets the new price target to $720, while Piper Jaffray lifted its own to $718.