Wall Street Firm Sets $1001 Price Target on Apple (AAPL)

April 2, 2012 8:18 AM EDT
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Price: $119.78 -0.18%

Rating Summary:
    60 Buy, 10 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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It was bound to happen. The only question was who would do it first.

That is a $1000 price target on market darling Apple (NASDAQ: AAPL).

Well today Topeka Capital beat the crowd to the punch. In somewhat of an attention-grabbing way, Topeka initiated coverage on Apple with a Buy rating and $1001 price target.

The firm said Apple still has a long way to go, and the company is well positioned to capitalize on mobile growth in China. The firm expects China Mobile to offer the iPhone over next year.

In summary, the firm said:
We are initiating coverage of Apple with a Buy rating and a 12-month price target of $1,001.00. 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. As such, we believe the Apple story still has a long way to play out in the coming years and we expect the next 12-18 months to be particularly exciting for the Company on multiple fronts.

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $599.55 yesterday.

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