Apple stock surpasses $300 benchmark

By Reuters
Posted Oct. 13, 2010 at 2:26 p.m.

Apple Inc.’s shares cruised past $300 for the first time as investors anticipated another strong earnings report from the iPhone maker next week.

Apple’s stock rose as high as $301.96, another all-time record, in morning trading on the Nasdaq.

The company on Wednesday also announced an October 20 media event for its Mac line of personal computers. Apple promised a sneak peek at the next major version of the Mac operating system.

Analysts have been raising earnings estimates and price targets on the company ahead of its quarterly report due on Monday. The median price target on Apple is now $350.

Apple is expected to show robust growth in iPhones and strong momentum in iPad sales, which should help its quarterly revenue easily top $18 billion for the first time.

Apple’s shares, which have climbed more than 20 percent since the beginning of September, were up 1.1 percent at $301.74. 

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