Shares of Apple (Nasdaq: AAPL) rose to another record after an influential analyst issued a report that boosted price targets and said the company shouldn't have problems selling its latest iPad.
By late morning, Apple rose $7.56 to $559.56 after reaching a new record of $559.87. Shares have already gained 38 percent this year.
Earlier, influential analyst Peter Misek of Jefferies boosted his price target to $699 from $599 after returning from a trip to Asia. The analyst also wrote concerns about a possible shortage of new iPads is overblown.
The Cupertino, Calif. electronics and entertainment company has said Friday's first shipments were sold out. Misek said he believed Apple's principal Chinese contract manufacturers, Hon Hai Precision Industry, known as Foxconn, and Pegatron, were in good control of the demand.
Misek estimated the contractors may build between 12 million and 15 million iPads in the current quarter, ramping to as many as 20 million next quarter.
Meanwhile, the analyst also raised his forecast for sales of the iPhone 4S. For the year, he boosted estimates to 155 million from 145 million, including what he believes will be a new iPhone 5 to be introduced later in 2012.
As many as 50 million iPhone 5s may be manufactured, he estimated.
As well, Misek said his factory visits suggested Apple may refresh its notebooks including the Macbook Air and Macbook Pro next quarter. The former may have a 15-inch screen along with the new Mountain Lion OS installed.