Shares of iPod and iPhone maker Apple Inc. and search engine Google Inc. hit new highs Monday, as investors expressed ongoing confidence in the companies' stocks.
Apple shares traded as high as $149.85 Monday after a Citi Investment Research analyst increased his price target for the stock. The share increase eclipsed an all-time high of $148.92 that the company hit in July.
During early afternoon trading, Apple shares added $4.85, or 3.4 percent, to $149.
In a note to clients Monday, Citi analyst Richard Gardner increased his price target for the stock to $185 from $160 and repeated his "Buy" rating.
Gardner said he raised his fiscal 2008 and 2009 earnings estimates to $4.76 from $4.30 and to $6.35 from $5.55, respectively, on the expectation that Apple will see increased gross margins and lower operating expenses.
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