Apple Too Cheap, Deserves $1,100 Price Tag: Pro

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If you thought Apple's tock was rich at its current lofty levels above $600, just wait until you get a load of it at $1,100.

So thinks one analyst, who despite the company's surprising earnings miss on Thursday is maintaining a $1,111 price target on its stock — putting the tech giant's market capitalization above a whopping $1 trillion.

Apple's disappointing third-quarter performance was a rare misstep for a company that normally can do no wrong in the eyes of Wall Street investors. Still, Brian White, analyst at Topeka Capital Markets, believes Apple's fundamentals justify his aggressive price target.