Apple’s stock price is currently floating in the $510 range, but analysts aren’t cutting back on estimates for that price to jump up again. Topeka Capital analyst Brian White sent a note to investors on Friday estimating that Apple’s price target will hit $1,111, largely propelled by increasing demand for the iPad mini.
In fact, White said that demand for the iPad mini in China has already been notable and said an “insatiable appetite in both Hong Kong and China for the iPad mini,” is already leading to supply constraints for the smaller iPad. If Apple can fix those kinks, demand for the iPad mini and the continued success of the iPhone 5 could push the stock price higher, as White suggests.
Much of the decrease in the firm’s stock price ahead of the new year has been blamed on investors taking capital gains ahead of expected tax increases.