The mania for Apple shares continues. Brian White of Topeka Capital Markets has become the first Wall Street analyst to offer a $1,000 target for the stock, CNBC reports.
That would represent a hefty gain of 62 percent from Monday’s close of $618.93 and a 61 percent surge from Apple’s record high of $621.45, set March 28.
For good measure, White adds a dollar, making an official target of $1,001. Needless to say, he’s quite optimistic about the company’s performance.
“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," he writes in a report.
"As such, we believe the Apple story still has a long way to play out in the coming years, and we expect the next 12-18 months to be particularly exciting for the company on multiple fronts."
White’s target would give Apple a market share of almost $1 trillion, more than 6 percent of annual U.S. GDP.
Not everyone is as bullish as White. Morningstar analyst Michael Holt sees $560 as current fair value for Apple shares.
“The Apple story is not without risks,” particularly post-deceased founder Steve Jobs, he writes on Morningstar’s web site.
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