Shares of Apple Inc. (AAPL) rallied above $500 for the first time after a two-week gain spurred by the iPhone maker’s first-quarter earnings report approached 20 percent.
Apple increased 1.9 percent to $502.60 today. In the Standard & Poor’s 500 Index, Google Inc. (GOOG), Priceline.com Inc. (PCLN) andIntuitive Surgical Inc. (ISRG) cost more per share, at $612.20, $571.15 and $503.07, respectively.
“It reminds us all of the amazing transformation of Apple over the past eight years,” Timothy Ghriskey, who owns Apple and oversees $2 billion as chief investment officer of Solaris Group LLC in Bedford Hills, New York, said in a telephone interview today. “We think the stock has higher to go, $600 is next,” he said. “It’s still an inexpensive stock for a company that is executing at the very highest level and continues to innovate.”
Apple has climbed 11 of the 14 days since reporting quarterly results. Its earnings are expanding so fast that even with the rally, the shares are trading at less than half their median valuation since 1990, data compiled by Bloomberg show. The gain since Apple reported results is almost four times as large as the advance in the Nasdaq-100 Index.
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