On September 6th, Apple shares were trading $369.90. But over the past few weeks, Apple shares have enjoyed a meteoric rise to +$400 levels, reaching as high of $422.70 last Tuesday.
Notably, many analysts believe that Apple’s stock price is poised to rise even further.
Last week, Goldman Sachs raised its 12-month target for Apple shares to $520. Following that, Barclays analyst Ben Reitzes upped his own outlook on Apple shares. While maintaining his Overweight rating on the stock, Reitzes’ raised his stock target for Apple shares from $515 to $555.
In a note to investors, Reitzes broke things down:
On the back of our recent trip to Asia and checks within retail, our research continues to point to upside for iPhones, iPads, and Macs – even as the economy softens. Yes, the economy is a major concern for all companies but macro events don’t seem to be impacting Apple’s ascension as the primary disruptive force in hardware. We continue to believe that Apple is the primary beneficiary of the ‘consumerization of IT’ trend, while also enjoying defensive characteristics in terms of cash flow, net cash and valuation.
Further, Reitzes sees upside in Apple’s upcoming iPhone launch and believes Apple may ship as many as 30 million units during the holiday quarter.
For the September quarter, Reitzes now anticipates Apple to deliver revenue of $29.1 billion and earnings of $7.10 a share. For the 2011 fiscal year, Reitzes upped his revenue estimate to $109.1 billion and his earnings estimate to $27.73 a share. Looking ahead to 2012, Reitzes sees Apple raking in $144 in revenue and EPS of $32.