Apple Inc (NASDAQ:AAPL) Stock Reaches Another Record High; Yearly Target Set at $1,111 by Topeka Capital's Brian White
By Athena Yenko | October 21, 2013 5:55 PM EST
Apple Inc's (NASDAQ:AAPL) stock reached another record high at $685.50 on Thursday afternoon. Meanwhile, Brian White of Topeka Capital set his yearly target of the company's stock a notch higher at $1,111.
Apple's announcement of the iPhone 5 going on sale by Oct 25 resulted in its shares skyrocketing during Thursday's trading. On a side note, all U.S. stock rose following the Federal Reserve's announcement that it would continue its policy to put cash into the U.S. economy.
Apple Inc's (NASDAQ:AAPL) shares increased 69 percent this year and a remarkable 78 percent in the past 52 weeks. The company's shares surged past $400, $500 and $600 marks.
Meanwhile, Apple Inc's (NASDAQ:AAPL) real time stock quotes as of Oct 21, Monday, was at $508.9, up by 4.4 at 0.87 percent. Apple previously closed at 504.5, with a day's high of $509.26 and day's low of 503.9586; the company's 52 weeks' high was at $642.06 and 52 weeks' low at $385.10 (as published by NASDAQ OMX).
In a new report from Morgan Stanley, analysts predicted that Apple Inc's (NASDAQ:AAPL) third quarter of 2013 reached an inflection point for Apple.
Katy L. Huberty, the author of the report, placed a price target of $540 on Apple's stock and gave an "overweight" rating for the company.
According to Ms Huberty, Apple's release of the iOS 7 and the iPhone 5s were "meaningful innovation." The sales of the iPhone 5s will keep the company going up until the fourth quarter earnings' result.
Morgan Stanley is predicting that there will be 55 million iPhone sales in the fourth quarter - even if Apple decides to a marked down price of the iPhone 5c.
Ms Huberty is predicting that Apple Inc. is at a targeted landmark quarter for its fourth quarter earnings that will be announced on Oct 28. Ms Huberty also foresees a $37 billion revenue, an EPS of $8 and gross margin of 37 percent.
The fifth-generation iPad, Touch ID and other Apple products set for release on Oct 22 were factored in by Morgan Stanley in its prediction. Hence, it sees the possibility of high gross margins for Apple.
If, indeed, higher gross margin is achieved, Apple can possibly cut the price of the iPhone 5c to serve its original purpose of being the mid-range iPhone device.
To contact the editor, e-mail:
Most Popular Slideshows
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
- NFL Thursday Recap - Denver Broncos 35, San Diego Chargers 21: Peyton Manning Has 3 TDs In Easy Win [PHOTOS]
- 2014 MLB World Series Game 3: Kansas City Royals 3, San Francisco Giants 2 [PHOTOS]
Join the Conversation
- Tesco Facing Crisis After Chairman Quits Citing Accounting Scandal In The Retail Giant
- #Snapgate: iPad Air 2 Breaks While Undergoing Bend Test
- Australian Federal Court Fines Reebok $350,000 & Orders Refunds For Shoe Endorsed By Miranda Kerr That Claims Unproven Health Benefits
- Perth Call Centre Staff Bad In English And Not Philippine And Indian Counterparts, Telstra Boss Says
- Xiaomi Redmi 1S vs. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- Verizon Motorola Droid Turbo Leaked Live Images Surfaces, Scheduled To Get Unveiled On Oct 28
- Update HTC One M7 with LG G2 with Android 4.4.2 as Sprint OTA: Fixes and Installation
- U.S. Targets Buyers of ISIS Oil, Threatens Sanctions
- ISIS Syria Airstrike Bombing Has Killed 550 People, Civilians Included
- Russia Blocking OSCE Monitoring Of Its Border With Ukraine
- Russia Shifts Blame On US For Ukraine Crisis, Putin Accuses West of 'Remaking World'