Could Apple be on its way to a share of its stock costing you $1,001? At least one analyst thinks so.
As shares of Apple stock continue their ascent to higher and higher records, analysts have been scrambling to keep up with it, constantly adjusting their target prices. While many have settled in the $700 range, Brian White of Topeka Capital Markets went out on a limb today and set his target at the astounding $1,001 mark.
“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 a not to investors today. He went on to add, “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.”
Shares of Apple surged today on this note, hovering around gains of 2.65%, or $15.88. The stock is currently dancing around the $615 prive level.
Of note, Mr. White just joined Topeka Capital Markets, having recently left Ticonderoga Securities. Today is his first day covering the stock for his new firm, so tome out with such a sky high valuation is a bit surprising. Either he will be heralded as a genius, or possibly run out of town on a rail should the stock not meet his predictions.