Apple (or better to say it as $AAPL) – the company, the giant whose share price earlier hit record high at $617.92 with reaching a peak later at $620.93 should cross $1,000 in a year or two, propelled by emerging markets growth and new products that could include a revolutionary TV set. Piper Jaffray senior research analyst Gene Munster joined Topeka analyst Brian White in predicting a run to $1,000 – but by 2014, versus White’s timeframe of around 2013 that would make Apple the world’s first trillion dollar company.
White ignited debate on online forums by publishing a report predicting Apple’s shares are set to rocket to $1,001 within the next 12 months as it branches into new markets and expands its footprint in China. “Shares can reach $1,000 based on our belief Apple will continue to win in global mobile devices,” Munster, who is maintaining a shorter-term, formal target of $910, said in his Tuesday report. The company’s newest tablet sold 3 million units in its first weekend in March.
“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,” White wrote in an April 2 note initiating coverage of Apple. White believes the new Apple TV is expected to revolutionize the way content is distributed into living rooms; similar to the way Apple’s iTunes has changed music delivery.
Apple’s share price earlier reached at $613.40 per share. The last high the iPhone maker traded was at $609.65 a share which is up more than 50% for the year on March 21st. On March 20th, Apple’s share price crossed $600 mark and stood at $601.10 at the close of trading. The company made announcement during its recent Conference call that it would use some of $100 billion in cash to pay out a quarterly dividend of $2.65 per share sometime in the fourth quarter of its fiscal 2012.
