Apple's stock appears to be back on track, having stayed above $600 for 9 days. It managed to stay above $600 for 7 days in July. The last time it managed 9 days above $600 was in early April when the stock hit the high of $635.51 on 9 April. Apple's stock closed at $621.70 on Friday night.
So how high can Apple's stock go?
Back in April, when Apple's stock hit an all-time high of $635.51, Piper Jaffrey analyst Gene Munster and Topeka Capital Market's Brian White predicted that Apple's stock could hit $1,001 within twelve months. Also in April, Henderson Global Investors analyst Stuart O'Gorman raised his target price for Apple to $1,200.
Now White is suggesting: "Apple's stock is prepared for the next major leg up that could propel Apple to out $1,111 price target over the next year."
Stifel Nicolaus analyst Aaron Rakers is slightly more conservative with his estimate of $825.
Braeburn Group's Robert Paul Leitao's estimate is $950. Noting in an article for for Seeking Alpha: "Over the next twelve months, more than 75% of Apple's revenue will be sourced from product lines that did not exist in the market as recently as six years ago and a rising percentage of the company's reported revenue during this time will be sourced from new and established markets outside the United States."
He also comments that Apple is the only company that develops the hardware and software and controls the content distribution on this worldwide scale. He also notes Apple's bricks and mortar stores and its 400 million iTunes customers - for whom Apple has credit card details.
If rumours that Apple is considering a stock split are true, that may also be positive news for shareholders, at least in the short term. Leitao suggests it will be an "immediate and positive impact."
Apple will pay a dividend of $2.65 per share on Thursday to those who held shares on 13 August.