Apple fever ‘will tip share price to $1,000’

Already the world’s most valuable company, Apple will see its stock price reach $1,001 (€750) within 12 months, lifted by growth in China and the debut of a new television product, according to Topeka Capital Markets.

The new target is the highest among 45 analysts tracked by Bloomberg and represents a 62% increase on the current price. The gains will be fuelled by demand for the next iPhone, in addition to the expansion into China and the TV market, said Topeka’s Brian White.

“Apple fever is spreading like a wildfire around the world,” he said.

Apple will hit $1,001 by introducing a TV within a year, as well as an upgraded iPhone that works with speedier wireless networks, he said.

China Mobile Ltd, the Asian country’s largest wireless network, will start carrying the iPhone within a year, Mr White said, adding millions of new potential customers.

Apple’s stock also is getting a boost because of a relatively seamless transition since the death of co-founder Steve Jobs, he said.

The stock has risen over 60% since he died in October. Tim Cook had assumed the role of chief executive from Jobs last August.

Apple’s management should aim to become the first company to generate $1tn, a goal that’s achievable in the next decade, he said. Apple had sales of $108.2bn in its last fiscal year.

The much-anticipated television set, which Apple may introduce within a year, would create a new $100bn market opportunity for the company, according to Mr White. China, meanwhile, offers some of the best growth prospects.

Mobile-phone subscribers in the country with access to 3G wireless networks could reach 230m by the end of this year, adding millions of potential iPhone buyers, said Mr White.