Could Apple Soon be Worth $1 Trillion?
Analysts were predicting on Wednesday that Apple's (NASDAQ: AAPL) stock could rise to $960 or even higher, giving the company a value fast approaching $1 trillion.
According to CNBC, AAPl stock rocketed up to a new record high following Wednesday's news.
The price target, set by Katy Huberty of Morgan Stanley, would value Apple at roughly $900 billion. It is currently at approximately $540 billion. She is basing the prediction on an increasing number of businesses adapting iPads, a new iPhone that runs on a faster wireless network, and emerging market growth. Her forecast also represents a 69% increase from Tuesday's closing price.
“Despite being well above investor expectations we view our CY13 bull case (of) $80 EPS/$960 valuation as reasonable,” Huberty wrote in a note to clients. “We assume no multiple expansion despite a possible dividend.”
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.