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"Apple: Analyst Ups Target To $1,111; Worth A Trillion Bucks?"

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Thursday 26 April 2012

"Apple: Analyst Ups Target To $1,111; Worth A Trillion Bucks?"

While Apple shares stumbled around for a few weeks heading into last night’s impressive March quarter report, the stock is back in vogue again this morning, thanks to both a big beat on iPhone sales in the quarter, and huge momentum in China.

Topeka Capital Markets analyst Brian White, who only recently made news by setting a $1,001 target price on Apple shares, this morning lifted his target to a symmetrical $1,111.

I would note that what he’s calling for, basically, is for Apple to be the first company with a valuation over $1 trillion. (With about 932 million shares out, the company would actually hit that level at a price of roughly $1,072.)

“Last night, Apple’s performance once again demonstrated how quickly Apple fever is spreading around the world and this trend continues to drive meaningful upside in the company’s financial results,” he writes. “We believe the negative vibes that have held back the stock over the past couple of weeks will now be replaced with the fear of missing the next leg up in the stock price that we are forecasting will reach $1,111 over the next year. A reasonable valuation, AAPL is trading at just 8.1x (ex-cash) our CY13 EPS estimate, combined with our expectations for accelerated momentum over the next year with the iPhone 5, an Apple TV, an ‘iPad Mini’ and a potential relationship with China Mobile, gives us confidence that the stock has meaningful upside potential from current levels.”

AAPL today is up $49.10, or 8.8%, to $609.38.

Labels: Apple News, Technology News, Top news

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