Opens $3.79 (1.2%) higher after the firm resumes coverage with a $430 price target
The stock reacted immediately when trading began Monday, quickly setting an all-time intraday high of $325.06 as 1.4 million shares changed hands at the opening bell. It gave up some of its gains in late afternoon trading, but closed at 321.67, a new record.
In his note, Goldman’s new Apple specialist Bill Shope — formerly of Credit Suisse — dismissed concerns other analysts had expressed about weakening profit margins. “Indeed,” he wrote, “we believe Apple’s margins have already bottomed, and we expect the company to resume its leverage-driven upside in coming quarters.”
His note began:
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