Apple Inc shares set a record high on Tuesday after Piper Jaffray supported Topeka Capital Markets assertion that the stock should breach $1,000 in a year or two,propelled by emerging markets growth and new products that could include a revolutionary TV set. Apple shares set an intraday peak of $632.21,before closing up 1.7 per cent at $629.32 on Nasdaq.
Piper Jaffray senior research analyst Gene Munster,a longstanding bull on the worlds most valuable company,joined Topeka analyst Brian White in predicting a run to $1,000 but by 2014,versus Whites timeframe of around 2013. That would make Apple the worlds first trillion-dollar firm.
On Monday,White ignited debate on online forums by publishing a report predicting Apples 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.
Raising Apples stock price targets has become something of a game on Wall Street as the value has doubled in 2011 alone,driven by a track record of shattering earnings and revenue expectations and sales estimates on the iPad and iPhone. The companys newest tablet sold 3 million units in its first weekend in March.
Shares can reach $1,000 based on our belief Apple will continue to win in global mobile devices, Munster,who is maintaining a shorter-term,formal target of $910,said in his Tuesday report. Apple has in past years persistently defied Wall Streets most bullish expectations,armed with an array of products that have shaken up the music,media and technology industries.
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.
White,formerly of Ticonderoga Securities,noted that the latest version of Apple TV a box used to stream online video with a refined user interface,could be a prelude to a full blown TV over the next year from the company. The new product is expected to revolutionise the way content is distributed into living rooms,similar to the way Apples iTunes has changed music delivery,analysts said.