Could Apple (Nasdaq: AAPL) shares trade at $1,001? Analyst Brian White of Topeka Capital Markets see that within 18 months when Apple closes its fiscal 2013.
In Tuesday trading shares of the Cupertino, Calif., developer of electronics and the Mac rose $19.08 to $618.63, still another record closing high. They topped $600 on March 15 and $500 on Feb. 13.
White, who'd formerly had a $666 target on Apple at his last firm, Ticonderoga Securities, wrote Apple fever is spreading like wildfire around the world and we see no end in sight to this trend.
The analyst told clients he believes the new iPad, with its long-term evolution (LTE) capability is a forerunner of a future iPhone 5, new customers will come from China, where CEO Tim Cook just concluded a visit and the company will benefit from getting directly into TV.
The analyst expects fiscal 2012 revenue around $160.1 billion, with $44.61 in per-share earnings, up from his prior estimates of $159 billion and $43.71.
Shares that trade above $1,000 are not all that unusual. Shares of Berkshire Hathaway (NYSE: BRK/A), the investment vehicle of Warren E. Buffett, traded at $122,996 up $1,095 at midday Monday.