Photo: Photo by Kevork Djansezian/Getty Images
Brian J. White, the analyst at Topeka Capital Markets who had previously put a price target of $1,000.01 has a new target for Apple: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. 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 $1,111.00 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 (CHL, $54.58, NR), gives us confidence that the stock has meaningful upside potential from current levels.
Apple fever, baby!