Apple Inc shares are set to rocket to $1,001 within the next 12 months as it branches into new markets and expands its footprint in China, predicted Topeka Capital Markets analyst Brian White.
“Driven by an ever expanding portfolio of innovative products, a growing integrated digital grid, unmatched aesthetics and a brand that is able to touch the soul of consumers of all backgrounds, Apple fever is spreading like a wildfire around the world and we see no end in sight to this trend,” White wrote in an April 2 note initiating coverage of Apple.
Shares of Apple are trading up about 1.5 percent to $628.20 in early trade on Tuesday.
Many observers had once cast doubts that Apple could even hit $500 and $600 price targets. Today, the median price target on its shares stands slightly below $700, according to Thomson Reuters data.
Now Apple is the world’s most valuable company with an array of products that have shaken up the music, media and technology industries.
(Reporting By Jennifer Saba; Editing by Gerald E. McCormick)