Apple, Alcoa: S&P 500 Gainers
The S&P 500 rose slightly less than a point, or 0.07%, Tuesday to 1,362.21.
Shares of Apple rose 2.54% to $514.85. The iPad 3 is rumored to be launching in early March, according to Apple Insider.
Apple shares hit a 52-week high on Feb. 15 of $526.29. The stock's 52-week low of $310.50 was set on June 20.
Apple has an estimated price-to-earnings ratio for next year of 10.8; the average for computer hardware companies is 16.22. For comparison, HP(HP) and Dell(DELL) both have lower forward P/Es of 6.58 and 8.55 respectively.
Fifty-one of the 56 analysts who cover Apple rate it buy. Four analysts are at hold and one is at sell.
TheStreet Ratings gives Apple an A+ grade with a buy rating and $649.24 price target. The stock has risen 27.12% year to date.