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Experts: Apple Shares Ready to Rocket in 2013

By Dan Weil   |   Monday, 31 Dec 2012 05:08 PM

Apple shares are riding high on the final day of the year, and many experts expect the trend to continue next year.

The stock rose to a record high of $705.07 Sept. 21 amid enthusiasm over the iPad and iPhone. It then plunged 28 percent to $505.75 Nov. 16 amid concern the company was losing its touch.

Apple rose $22.58, or 4.4 percent, to close at $532.17 Monday.

Expectations of product enhancements next year and perhaps the introduction of an iTelevision have turned some analysts and investors bullish.

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"We're on the cusp of an enormous product upgrade cycle, and we think Apple's earnings are going to be dynamite in the fourth quarter," Channing Smith, portfolio manager at Capital Advisers Growth Fund, tells CNBC.

He expects continued strong growth of iPad and iPhone sales.

Eric Jackson, managing director of Ironfire Capital, tells CNBC Apple may even introduce an entertainment and navigation system for cars next year.

The stock may reach $1,000 in 2013, he says.

Barron’s technology-investment columnist Tiernan Ray also is bullish.

Apple is not the world's biggest seller of mobile phones, trailing Samsung Electronics, he notes. And it has plenty of competition in the tablet arena.

“But as long as Apple sells tens of millions of both at prices that remain rational, it can continue growing revenue and profit at a rate that is not reflected in its share price,” Ray writes.

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