Apple closes at all time high

Shares of Apple Inc. (NASDAQ: AAPL) set at an all-time high during today's session of $122.69 and closed at $122.67, up $1.34 or 1.1%.

A Credit Suisse analyst, Robert Semple, said that the iPhone's superior technology stemming from the Mac operating system will make it a hit. The different uses as well as it probably becoming a must-have fashion item, will hike up iPhone's sales. Semple estimates 5 million iPhones will be sold this year and 15 million in 2008 for $2.2 billion in revenue. He therefore raised his earnings estimates and upped his target price on AAPL to $140 from $120, implying a 15% return.

Today Apple also updated its MacBook Pro notebook PCs in advance of the company's worldwide developers conference next week, upgrading the standard features.

It is interesting to note that today also marks the 30th anniversary of the Apple II computer, which first made its appearance on June 5, 1977 along with the famous Apple logo. I remember a few years later when my parents bought me that Commodore, my friend got an Apple. Oh, was I jealous. Now, I can only hope that by the time the iPhone comes to Canada it might come down in price a bit.

Barring anything going awfully wrong, Apple is probably on its way up. 15% higher? That doesn't sound far-fetched when it comes to Apple.