A US technology analyst has suggested Apple's share price will break the $1,000 mark, calling it "a brand that is able to touch the souls of consumers of all backgrounds."
Brian White, analyst with Topeka Capital Markets, has predicted that Apple's already high share price will continue to climb over the next year, having upgraded Apple's price target to $1,001. White is the first Wall Street analyst to predict this ground breaking figure. According to the Silicon Valley Business Journal, White said that "Apple fever is spreading like wildfire around the world and we see no end in sight to this trend."
"What we wanted to say today is that this stock still has a lot of upside," White said. "I think we'll look back and laugh at a time when people questioned whether Apple would reach $1 trillion in market cap." Apple's market capitalisation currently stands at $576.8bn, making it the most valuable company in the world in this regard.
White is a veteran Wall Street analyst, but Topeka Capital Markets is a little-known brokerage firm and the publicity from being the first to predict this figure certainly won't hurt its profile.
As of lunchtime today (4 April), Apple's share price is $629.32 which is up 84 percent on this time last year. This is on the back of the successful launch of the iPad 2, the continued success of the iPhone 4, the launch of the iPhones 4S and last month the launch of the new iPad.
Last month Apple CEO Tim Cook announced that the company would be issuing its first quarterly dividend in 17 years as well as a $10bn stock repurchase scheme. This was in response to investors calling on Apple to do something with its stock pile of cash which sits at almost $100bn.
Among the reasons White predicts continued growth is the possible launch of an Apple Television, or iTV, in the next 12 months. Apple has remained silent on the possibility, but there has been many hints and leaks regarding what the TV may look like and what features it will have.
Another reason to be optimistic about Apple's future is the launch of an iPhone 5 at some stage in 2012, with one Foxconn recruiter today revealing that it could be June when the new product is launched.
While White may be the only analyst sticking his head above the $1,000 threshold so far, he is not alone in thinking things will only get better for Apple in the next 12 months. According to Bloomberg data, of the 55 analysts who cover Apple, only one has a sell rating.