No end in sight as Apple heads towards $1,000

APPLE’s stock continued its upward trajectory towards $1,001 yesterday after a US analyst predicted the tech giant would hit the thousand dollar milestone within the next year.

Brian White at Topeka Capital Markets upgraded Apple’s price target to a staggering $1,001, saying “Apple fever is spreading like a wildfire around the world and we see no end in sight to this trend”.

Calling it “a brand that is able to touch the souls of consumers of all backgrounds”, White pointed to Apple’s upcoming TV and the growing market in China and concluded that the company “still has a long way to play out in the coming years”.

In the first three months of 2012, Apple’s shares have climbed by more than half from an already high $409.50.

Despite sceptics doubting that Apple could continue skywards, the iPhone maker’s stock took six weeks this year to hit $500, and opened at $600 just one month later.

And Apple’s stock has not been the only milestone maker this year. Chief executive Tim Cook last month unveiled a quarterly dividend after a 16-year drought for shareholders, and the company – which had a $98bn cash pile at the end of December – is now thought to have grown its cash stash past the $100bn mark.

The Nasdaq-listed stock jumped 1.7 per cent to $629.32 yesterday, valuing the firm at $576.8bn.