Apple Shares Set Intraday Record at $352 as Analysts Shift Targets

Apple shares reached a record intraday price of $352.22 Wednesday, Nov. 4, topping the prior high of $351.74 amid revised analyst price targets and rising memory costs.

Bernstein raised its price target to $380 from $370, while JPMorgan lowered its target to $355. Evercore ISI kept its $380 target, and Wedbush held at $400.

Apple’s fiscal fourth-quarter revenue rose 12% to $114.5 billion, with earnings of $2.10 a share. iPhone sales and services revenue set September-quarter records, while Mac sales grew 24%. Manufacturing purchase commitments rose $33 billion to $89.7 billion during the quarter. Apple expects December-quarter revenue growth of 7% to 10% and gross margin of 45% to 46%, below 47.9% in the prior quarter. Read more about Apple’s December-quarter margin outlook.