Piper Jaffray analyst Gene Munster raised his estimates for Apple share prices this morning, with a new 12-month price target of US$910 per share. Not long after that point, Munster expects the price of AAPL to go beyond the thousand dollar mark, which would translate to a market capitalization of over one trillion dollars. That's $1,000,000,000,000, folks. No other company has ever reached a market cap in that range.
Munster bases his bullish forecast on continued strong sales of the iPhone. He believes, based on current data, that 70 percent of all owners of two-year-old iPhones will upgrade to a newer model of the iPhone, accounting for 33 percent of all sales in a given quarter through 2015.
Munster's not the only Wall Street analyst looking at those lofty figures. Brian White of Topeka Capital Markets said yesterday that he believes Apple shares will reach $1,001 a share, based largely on his thought that Apple will enter the television market sometime in the next year. That market makes up a $100 billion opportunity for the company.