Apple shares ‘to hit $1,001 within a year
Apple shares are set to hit $1,001 within a year, lifted by growth in China, according to a broker note from Topeka Capital Markets.
The target is a 62% increase over the current stock price of $618.63.
Analyst Brian White, author of the note, said the meteoric rise will be fuelled by demand for the next model of iPhone, as well as Apple’s expansion into China and the television market, Bloomberg reports.
Apple is the world’s most valuable company, and had more cash on its balance sheet than the US government at one point last summer.
Shares in the group have climbed more than 60% since the death of co-founder Steve Jobs in October as investors have been reassured by the performance of new CEO Tim Cook.
Under his leadership, Apple last month announced it will pay a dividend of $2.65 per share from July, and will undertake a $10bn share buyback plan.
Apple’s market value is now $576.8bn, far above the previous leader ExxonMobil, which is valued at $410.4bn, Bloomberg reports.
This article was first published on Investment Week