Topeka Capital Markets analyst Brian White Monday upped his one-year target price on Apple (Nasdaq: AAPL), the world's most valuable technology company, to $1,111 from $1,001.

We believe investors should think of Apple's market cap potential in terms of trillions, not billions, he told clients today. Apple's market value is $548.3 billion, based on its closing price in Monday trading of $585.78, up $11.65.

The Cupertino. Calif., electronics developer and entertainment company set its record high of $644 on April 10, eight days after White issued a $1,001 price target. The analyst noted Apple's price-earnings ratio of 14.3 is modest compared to expectations for gains in income and revenue through 2013.

White projected net income for the fiscal year ending in September will be $46.2 billion, compared with $25.9 billion for 2011. Apple could be the most profitable company ever, he said.