All eyes were on Apple Wednesday as shares of the tech giant soared to an all-time high of $101.09 per share on renewed faith in CEO Tim Cook.
Wednesday’s move was the first time the company has surpassed $100 per share, a key psychological level for investors, since September 2012. Apple now has a market cap of more than $600 billion, more than Google and Amazon combined.
So, as Apple’s highly anticipated iPhone 6 is reportedly set to be unveiled on Sept. 6, how much bigger can the company actually get?
John Kosar of Asbury Research is bullish on the stock medium-to-long-term, but suggested a better buy would be on a short-term pullback. “We’re up against a major resistance level at the old highs,” he said. “I would be looking to buy some kind of a break here. The 50-day moving average is about 6 percent underneath the market at $94.75 [per share]. I think that is the feasible place to buy.”
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After peaking at $103.74 per share 8 sessions later, APPL first corrected 7% lower into the 50-day moving average, as John anticipated, before rising 18% to new all-time highs by mid November.