JIm Cramer, Mad Money host on CNBC is so bullish on Apple computer that he has just predicted that Apple shares will rise to $300. He says Apple is so hot that production cannot keep up with demand.
Even during the worst recession since the Great depression, Apple products, from the iPhone to the iPod, to the laptop and IMAC computer, Apple cannot keep up with consumer demand for its products. While Apple controls only 3% of the global cell phone market, and 4% of the global PC market, the earnings report on Monday afternoon still beat analysts expectations by 50%.
Steve Jobs, the seemingly tireless CEO of Apple continues to push his business to create better, more innovative products that has the rest of the cell phone and computer makers scrambling to keep up with the technology.
Cramer says he really thinks Apple shares will hit a real value of closer to $390 per share, but predicted only $300 “Because you would never believe me,” Cramer said, “so I lopped off 90 bucks to be more realistic.”
Apple shares are currently up more than $6.00 this morning, currently trading at a new high of $205. The shares already hit a high this morning of $205.50.
For more stories of interest about Apple you might want to read:
Apple unveils the new IMAC
Resources: Mad Money: Cramer predicts new target for Apple
Resources: Mad Money: Cramer predicts new target for Apple
Written by Shelby Bateson
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