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Apple Breaks $600 With No Sign of Stopping: StockTwits

NEW YORK (TheStreet) -- Apple  (AAPL) broke through the $600-per-share level Monday. The price had stymied the stock in the past. But investors on StockTwits.com say that, with the key resistance level now behind it, Apple shares are ready to run.

$AAPL once it's over the 600 wall, it ain't gonna climb back over -- Bob (@KeltechTrading) May. 5 at 03:35 PM

The ticker was the most discussed on StockTwits.com Monday afternoon, as shares neared the key price point.

$AAPL Somebody buy a share for 600 already -- Rosalyn (@BeyondPale) May. 5 at 03:48 PM

Good news Monday helped drive shares more than 1% higher to close above $600. A jury upheld a $119 million patent award against Samsung. However, the verdict fell far short of the $2.2 billion in damages Apple had initially sought for patents it claims are violated by Samsung's smartphone features. Apple won a $1 billion judgment against Samsung a couple years ago that is also in dispute.

The $600-per-share price point was a new 52-week high for Apple. Shares had not topped $600 since October 2012. That year, Apple hit an all-time closing high of $702 per share, according to charts on Yahoo! Finance.

Investors now believe the stock could reach $620 in the near term. The consensus price target is $616 per share, according to the Analyst Ratings Network.

@KeltechTrading next guestion is what day it closes over 600 then I could see it going to 620 -- john erickson (@2btheman) May. 5 at 03:37 PM

>>Read More: Ackman Unveils Fannie and Freddie Strategy

>>Read More: Twitter Insider Selling May Crush the Stock: StockTwits

>>Read More: Pfizer's Double Disappointment a Good Buying Opportunity

At the time of publication the author held no positions in any of the stocks mentioned.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

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