SAN FRANCISCO (AP) -- Apple Inc.'s stock rose to a new all-time high Monday as investors pumped up shares of the iPhone and iPad maker the day before its quarterly earnings report.
Apple is expected to report a healthy fiscal third quarter, and Baird analyst William Power echoed this sentiment in a note to investors Monday, repeating his "Outperform" rating and $450 price target for the stock. Power expects the world's most valuable technology company to issue "strong" fiscal third-quarter results, helped by sales of the iPad 2 tablet computer.
He said checks show demand for the iPhone is still going strong and the popular iPad 2, which for months after its March release was hard to find, is now more plentiful.
He expects the company shipped 16.9 million iPhones during the quarter and 7.3 million iPads.
Apple shares rose $8.88, or 2.4 percent, to finish trading at $373.80 and then rose another 30 cents to $374.10 after hours. Earlier in the day, the stock rose as much as $9.73, or 2.7 percent, to $374.65