Analyst: Did I say Apple shares will hit $1,001? Try $1,111
Apple's stock is currently hovering around the $600 mark, but will nearly double in the next year according to an analyst.
Brian J. White, an analyst at Topeka Capital Markets, apparently hates zeros.
In a note sent out to investors this morning, and picked up by AllThingsD, White updated his previously controversial estimate that Apple's stock price would hit $1,001, saying that he thinks that might have been a conservative guess.
"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," White said.
What's the fuel behind such a run that would take it from its current $607.70 per share price? White says Apple's next iPhone, the long-rumored TV set, a smaller version of the iPad, and a deal with China Mobile (the largest mobile operator in China) would give Apple "accelerated momentum over the next year."
The question, of course, is what happens if it's just another iPhone and iPad that's the same size, with none of those other things.
Apple's stock jumped earlier this week immediately after the company reported its second-quarter results, which blew past Wall Street's estimates. The stock, which was on an 11-day decline leading up to the results, gained $49.72 per share following the news, though closed down $2.30, or 0.38 percent, today.