Stocks on Tuesday exploded to the upside in the US with Apple similarly gaining in a buying wave that brought the iDevice maker back to the $650 range.
Apple Inc. jumped 2.37 percent. The world's most valuable company has invited the media for a "special event" on October 23, where it is rumored to unveil a smaller version of its iPad tablet dubbed "iPad Mini."
Jefferies’ Peter Misek is now setting a $900 price target on AAPL stock, with others estimating that $1,000 or better is on the horizon. "Using widely accepted EPS estimates," Jake Mann of Insider Monkey says, "which forecast solid bottom line expansion over the next two years, our year-ahead price target flirts with $1,000 a share."
As of this writing, AAPL is only $50 away from its all time high - a high that could easily be taken out by this time next week.
Sources: Barron's, Insider Monkey