So much for that mild trepidation of traders following last week's New iPad announcement. Not only has Apple's stock juggernautted to new record highs yesterday, but now Morgan Stanley has increased its price target of the stock from $515 to $720.
According to Apple Insider, analyst Katy Huberty sent a memo to investors yesterday telling them that the tech company had been added to Morgan Stanley's Best Ideas list. She went on to say that, unbelievably, "investors 'understimate' Apple's strong position" and bumped up the target price to $720. As if that wasn't enough to give you a nose bleed, she also said that should the stock market take a turn into an uber bull market, that stock could climb as high as $960.
Additionally, The Street reports that FBN Securities analyst Shebly Seyrafi went a bit further and raised his price target to $730 while a Wells Fargo analyst has also raised his price target for Apple, albeit slightly more modestly, to upwards of $640.
This has injected some vigor into Apple's stocks today, pushing the company's shares up to $582.46 as of writing this, which is a 2.5% increase. Don't be surprised if that number isn't higher by the end of the day.
With all of these analysts anticipating even greater growth of Apple's value, I expect that WWDC 2014 will see Apple announce the launch of their first iPlanet.