My inamorata likes, on occasion, to wistfully pine for an alternate reality in which her grade school predictions of Apple’s future success had been funded by a benign patriarch and made her a plutocrat. Instead, she got a cynical ‘C’ from her teacher for her “implausible” stock pick, and now blames this woman every day for her daily diet of bread crusts and dry Ramen.
The point is, it’s foolish to bet against Apple’s stock rising, but could analyst Gene Munster be taking it to far? He told Henry Blodget at The Business Insider that Apple stock could someday be worth $1,000 per share.
Munster’s reasoning is that Apple is well underway towards being the global smartphone leader and that Cupertino will be able to maintain its incredible growth rate. As the iPhone gets cheaper over time, there’s room for explosive growth. In the meantime, Apple seems ready to revisit its iPhone success with the forthcoming Tablet, which will expand Apple’s media profits in bold new directions.
Understandably, it seems like people took Munster’s comments as a reason to pick up Apple stock, as it closed at an all-time high yesterday of $215.04 per share. If you’ve got a few bucks rubbing together, you may as well get in: it’s just only going to go higher.