Everyone loves Apple Inc. (NASDAQ: AAPL) and the company is now flirting with a market capitalization rate of $500 billion. Now we have a new higher price target objective for the stock market’s darling. Sterne Agee has reiterated its BUY rating on Apple but it decided to raise the price target objective to $620 per share from a previous target of $550 per share.
The move comes ahead of next week’s planned unveiling of its new iPad with a quad-core processor. The news has now been very well telegraphed but Stern Agee still feels that it will be material and act as a driver.
For the new iPad, the firm expects a much faster processor (quad-core), and it expects a higher resolution screen, as well as integrated Siri software features, and it expects 4G LTE wireless features.
Apple shares are up just over 1% at $542.65 after the open and the market cap on Yahoo! Finance is listed as $499.2 billion. The consensus price target from Thomson Reuters is roughly $572 as of now.
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