More analysts are predicting that Apple stock will reach $1,000 within the next year in what will likely trigger a buying frenzy.
Topeka Capital Markets reported its projections, saying that the stock price would be "lifted by growth in China" and a new TV product, according to Bloomberg News. However, perhaps Topeka Capital Markets got its insight from Steve Wozniak who said the same thing to CNBC on March 1. From the story we wrote:
"You know, people talk about $1,000 stock price... you know, at first you want to doubt it but I actually believe that and I don't really follow stock markets," Wozniak said.
Apple, with about $100 billion in cash and valued at half a trillion dollars, is clearly one of the world's most valuable companies, but the stock market is a fickle thing. Topeka Capital is betting Apple stock will rise on the introduction of Apple TV, an upgraded iPhone and inroads made into China. "Apple fever is spreading like a wildfire around the world,” wrote analyst Brian White in a report. Not surprisingly, White said Apple stock was definitely a buy.
Other analysts, including Katy Hubert of Morgan Stanley, also projected a possible $1,000 -- two weeks ago. She said the growth hinged on iPhone and computer tablet growth both domestically and globally. However, both Hubert and White point out the largest area of growth and demand is China.
Right now the stock price is at $626, which would mean a significant amount of growth to hit higher than $1,000. We're not sure if the new Apple TV is enough to do that, but never underestimate the passion of Apple fans.