Apple Shares Boosted By Brokerage Calls |
| Wall Street Journal - Apr 3, 2012 |
Apple Inc. (AAPL) got a boost Tuesday from a trio of bullish broker notes--one of which predicted that the high-flying stock could hit the $1,000 mark within the next couple of years.
Analysts for Piper Jaffray and J.P. Morgan raised their price targets on Apple before Tuesday's opening bell. Both firms already rate the stock as a buy. Another broker--Auriga USA--initiated the stock at a buy rating.
Shares of Apple were up nearly 1.7% to $628.88 in morning trades; the stock is up more than 55% since the first of the year.
"We believe shares of Apple will reach $1,000 in [calendar year] 2014, which would imply a roughly $1 trillion dollar market cap, the first in history," Piper analyst Gene Munster wrote in a note to clients.
Munster lifted his formal 12-month price target on the shares to $910 from $718 -- making his the highest price target among brokers covering the stock, according to data from Thomson Reuters. He said the new target is based on the same projected multiple used in his 2013 forecasts, rolled forward into the next year.
Read Full Article from Wall Street Journal
- Posted: 2012-04-03 11:11:37
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