Again, traders were wondering just how high Apple may go, after the latest data showed the tech titan sold 3 million new iPads in only 3 days.
Shawn Wu of Sterne Agee thinks there's a lot of upside --he raised his price target to $740.
Wu tells us he sees 3 catalysts:
1) New iPad just started shipping
2) iPhone 5 to be released later this year
3) Anticipated China Mobile contract; (China Mobile has 650 million subs)
“The scary thing about Apple is, as much success as they’ve had – they have very small share,” Wu tells us.
“In the mobile phone market they only have 5-6% share and there’s no reason they can’t be in the double digits. We see a lot of room for growth there,” he says.
"Then look at their computer market – without iPad it’s around 5% share; and with iPad it’s around 10%. But there’s no reason to believe they can’t have 20%!”
Wu isn’t alone in his optimism. Following is a look at some of the other prices targets Wall Street firms have on Apple.
Firm Old New
Morgan Keegan $650 $800
Stern Agee $620 $740
Credit Suisse $600 $700
Citi $600 $700
Goldman Sachs $660 $700
FBN $730 $760
Wedbush $585 $750
Oppenheimer $570 $700
Bernstein $600 $710
Source: StreetInsider
What do you think? We want to know!
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Trader disclosure: On March 20, 2012 , the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Josh Brown is long AAPL; Josh Brown is long JPM; Josh Brown is long GLD; Josh Brown is long XLU; Josh Brown is long XLF; Josh Brown is long INTC; Josh Brown is long IBM; Pete Najarian is long AAPL; Pete Najarian is long BAC; Pete Najarian is long C; Pete Najarian is long JPM; Pete Najarian is long INTC; Pete Najarian is long YHOO; Pete Najarian is long COP; Pete Najarian is long PEP; Pete Najarian is long HPQ; Pete Najarian is long SCCO
For Patty Edwards
Patty Edwards’ company is long AAPL
Patty Edwards’ company is long GLD
Patty Edwards’ company is long INTC
Patty Edwards’ company is long ORCL
Patty Edwards’ company is long CSCO
Patty Edwards’ company is long SBUX
Patty Edwards’ company is long COP
Patty Edwards’ company is long RIG
Patty Edwards’ company is long VLO
Patty Edwards’ company is long AMZN
Patty Edwards’ company is long PEP
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For Shaw Wu
Sterne, Agee & Leach makes a market in the shares of AAPL
For Dan Dicker
Dan Dicker is long APA
Dan Dicker is long VALE
Dan Dicker is long oil futures
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