Brian White of Topeka Capital Markets placed a $1,001 price target on shares of Apple, becoming the first analyst on Wall Street to break the $1,000 forecast barrier on the tech juggernaut.
White, who initiated coverage of the stock Monday at his new firm, cited the shift to 4G LTE networks, growth in China and the of a launch of a flat-panel iTV to justify his price target, which values Apple at nearly $1 trillion.
“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,” wrote White, who previously for Ticonderoga Securities, in the report. “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.”
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