Apple stock topped out at more than $600 earlier this year, and some analysts are saying this is a steal of a price for a share of the technology giant.
Apple has already taken the title for the most profitable quarter in history among technology companies.
Shares for Apple stock have traded as high as $644 in recent months. They are currently at $581, slightly up from previous weeks.
Topeka Capital Markets analyst Brian White wrote in a note on Monday to clients that Apple stock is currently set to have the most profitable year ever among publicly traded companies.
“In CY12, we believe Apple is poised to generate the highest annual net income of any publicly traded company ever,” White said. “On average, we estimate Apple’s net income in CY12 will be over 6x higher than the three tech companies on an individual basis (when at a $500 billion market cap) or 1.9x the aggregate profit of these three companies combined. When including all five companies, we estimate Apple’s net income in CY12 will be 4x higher than the average.”
White said the reason behind the Apple stock buzz is their complete revamp of their product line. With new iPhone, MacBook Pro, iPad and Apple TV models being released or soon to be released, he said Apple stock is almost guaranteed to continue to rise.
White said a Buy rating on Apple stock ran in at a price target of $1,111, which is twice what the Apple stock was trading ahead of the opening bell on Monday.
He said he is expecting an “exciting September for Apple” based on discussions he’s had with local contacts in Taipei, Apple’s supply chain.