Apple’s recent quarterly report with its record breaking $18 billion in profits, making it the most profitable company in the world, does not mean a top in the stock. There seems to be eternal demand for Apple’s products, as it is far from saturation. Carl Icahn, who in October, said Apple was the best investment in a decade and a “no brainer” felt vindicated by the company’s successful earnings, and thinks the stock still has higher to go, even at these levels.
Icahn (the name is appropriate for an Apple investor, isn’t it–iCahn) is not just talking up his stock, but his optimism for all things Apple is matched on Wall Street. Brian White of Cantor Fitzgerald raised his price target for Apple from $143 to $160, as reported by International Business Times. This was after Apple exceeded Cantor Fitzgerald’s sales estimate of $68.2 billion with $74.6 million.
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Ben Reitzes and Ryan Jones of Barclays also upped their targets to $150, and they urged investors to be Overweight the stock. They noted that Apple has been able to transcend currency issues faces by its peers.
Icahn’s target beats most analysts; he told Bloomberg he expects Apple to hit $203, and still thinks this number is conservative. While some analysts are more cautious in raising targets and worry about saturation of certain markets, Apple’s management indicates it is selling iPhones almost faster than the company can make them. Management is going to unveil the iWatch this spring, which CEO Tim Cook says will be “the most personal device ever.”