Earlier this week, Apple once again stunned the investment world when shares of AAPL briefly traded above $600.
For the red-hot tech stock, it seems little if anything can cool the momentum. And despite a meteoric rise over the last twelve months, some of Wall Street’s biggest players are raising the bar further for AAPL.
On Thursday, Morgan Stanley’s Katy Huberty revealed her new price targets to clients. The “bull case price” for the stock is now $960. The base case is $720, and the bear case is $405.
As of this writing, AAPL is trading at $587. And with the new iPad hitting consumers today to record opening weekend sales for a new tablet, there’s an excellent chance that the “bear case” referred to earlier won’t play out any time soon at least.
As Fortune magazine pointed out Thursday:
It must have been an embarrassment for Morgan Stanley’s Katy Huberty that her published 12-month price target for Apple (AAPL) — set on January 25 — was stuck at $515 while the actual share price zoomed past it and was setting new records almost every day.
In her most recent note to investors, Huberty says that “Apple’s earning power is potentially far greater than investors believe.”
