You knew this day had to arrive. Topeka Capital Markets' Brian White became the first Wall Street analyst to slap a $1,000 price target on shares of Apple. Actually, he expects the stock to hit $1,001.
OK, another stupendously, outrageously, insanely caffeinated price target attached to a stock that is all good news and impervious to the laws of physics. Fine. But before you scoff -- and yes, I hear you scoffers out there -- consider this: Shares of Apple have pierced the $400, $500 and $600 price barriers in rapid-fire fashion even as the naysayers were predicting that a reversal was nigh.
So much for expert opinion. Nothing of the sort happened, and the stock has steadily climbed on the back on the consumer enthusiasm for myriad Apple products, the latest being its recent iPad. Of course, that's not to say the stock won't eventually cool off, but if White is right, that won't happen until Apple sells through its upcoming product cycles:
White has a reputation for congenital bullishness -- not to mention numerology -- when it comes to Apple. Last summer, he put a $666 target on the stock. Shares of Apple closed Monday at $618.63, up more than $19, or 3.18%.
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.
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.