Topeka Capital Starts AAPL Coverage with $1001 Target Price

Topeka Capital is the newest financial firm to start tracking Apple and its stock value, and it’s the first to peg the company’s 12-month target price over US$1,000 at $1,001.

Topeka Capital says Apple's stock will hit $1,000Topeka Capital says Apple’s stock will hit $1,000

In its first Apple financial-related report, Topeka Capital stated,

We are initiating coverage of Apple with a Buy rating and a 12-month price target of $1,001.00. Driven by an ever expanding portfolio of innovative products, a growing integrated digital grid, unmatched aesthetics and a brand that is able to touch the soul of consumers of all backgrounds, Apple fever is spreading like a wildfire around the world and we see no end in sight to this trend. As such, we believe the Apple story still has a long way to play out in the coming years and we expect the next 12 to 18 months to be particularly exciting for the Company on multiple fronts.

The firm also expects Apple will be able to leverage the iPhone’s popularity in China to boost its bottom line, according to StreetInsider.

Apple is currently trading at $612.86, up 13.31 (2.22%).