Goldman Sachs Lifts AAPL Target to $550
Shares of AAPL presently sit at $421.73. But if the latest projection from Goldman Sachs manifests, it's still not too late to buy what plenty of analysts perceive to be the hottest tech stock in existence.
According to Goldman’s Bill Shope, the iconic Wall Street powerhouse is keeping a buy rating on Apple (AAPL) shares with a new upside price target of $550 - yes, $550. That's a full $30 higher from Goldman's previous target price of $520.
Some of the traders I connected with today at the CME Group in Chicago expressed doubt about Apple reaching such a lofty target any time soon, although no one viewed that projection as being unrealistic over the long haul.
It's important to note that the 52-week low for AAPL is $310.50. If shares can gain $110 in 2011, they can certainly do so again in 2012. Of course, a lot could happen between $421.73 and the projected $550. But if quarterly sales continue to climb as they have and Apple maintains current momentum, we could ultimately touch $550 faster than almost anyone presently expects.