Apple closed at $599.41 last night, just a few cents short of the day's high of $600. It's the first time since 27 April that the stock has broken back into the $600s, and was despite concerns about Apple's manufacturing partner, Wintek, who saw June sales fall 34% compared to May's level.
Topeka Capital Markets analyst Brian White thinks that it is more likely that Wintek, a touch panel supplier for the iPad and iPhone, is losing Apple business, rather than Apple sales weakening. According to a Barron's report, White suggests that: "Clearly, Apple has many next generation products on the horizon and the Company may be adjusting its suppliers."
White noted: "In the past, we estimate Wintek generated over 50% of total sales from Apple as an important touch panel supplier in products such as the iPhone and iPad; however, we believe the company may be losing market share in next generation products."
White suggests that the next generation iPhone 5 may be using touch panels from Sharp and Toshiba rather than Wintek. He referred to reports that Apple may launch a 9.7in iPad in September that features IGZO panels from Sharp.
White also thinks that an iPad Mini could launch in September.
Apple's share price first hit $600 in March, with a number of analysts projecting that the stock could reach $1,000x a share within twelve months. White has reiterated his Buy rating on the stock and his $1,111 price target.