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With Apple (NASDAQ:AAPL) hovering around the $700-mark over the last few days, Bullish Cross analyst Andy Zaky has upped his price target on the company and predicts much good news for the iPhone maker over the next two years. According to Zaky, who also runs a hedge fund, Apple will hit $1,000 within the next 15 months, that is, somewhere around late December 2013 or early January 2014.
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In May, when Zaky last issued a public “buy” rating for the stock, he had predicted Apple would hit $750 sometime before the end of January next year. Apple was down at $522.18 that day. With the stock first crossing $700 in after-market trading on Monday after news of record-breaking iPhone 5 pre-orders came out, Zaky’s predictions appear fairly spot-on.
According to the analyst, the company’s shares will be up at $850 by late summer or early fall 2013 and hit the four-figure mark a few months later.
“Despite the volatility that will likely ensue throughout the 2013 trading year, we expect Apple will cross the $1,000 a share mark sometime over the next 15-month period,” he writes. “We are currently modeling for Apple to report roughly $67 a share in EPS through October of 2013. This would put the stock at $1,000.00 a share at a 15 P/E ratio.
“While we feel confident that Apple will very likely see $1000 a share by the introduction of the iPhone 6, we also recognize that depending on market volatility, it could take as long as the pre-earnings rally going into fiscal Q1 2014 earnings (late December or early January) for Apple to eclipse that level. This is why we have a 15-month price-target rather than a 12-month target of $1,000 a share.”
But it won’t stop there, according to Zaky, who predicts the company reaching the $1,500-mark by the end of 2014 and get to a whopping $2,000 in 2015.
Apple (NASDAQ:AAPL) was up 18 cents at $702.09 in afternoon trading on Wednesday after shares hit another all-time price high of $703.50 in the morning.
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