Analysts raise their price targets for Apple’s stock

In the opinion of four analysts who have increased their price targets for the Apple stock, it is highly likely that the company's stock may witness a 19 percent increase to $700, especially after the recent record-high increase which was driven essentially by the anticipation of the new third-generation iPad.

Scheduled to hit the store shelves on March 16, the new Apple iPad boast a notable upgrade to a sharper screen and a speedier processor as the company's CEO Tim Cook seeks to broaden Apple's dominance in the tablet arena, over rivals like Amazon, Microsoft, and Google.

The price targets for the Apple stock were raised by four analysts - including Katy Huberty at Morgan Stanley in New York - after the company witnessed a 3.8 percent jump in its stock to $589.58 at the close in New York yesterday; with its overall gain during the year now being 46 percent.

According to the findings of a Bloomberg survey, involving 43 analysts, the average price target for the Apple stock is $605, which apparently implies that updates are lagging behind. Meanwhile, Canaccord Genuity analyst Michael Walkley has expressed the opinion that more analysts will raise the targets once they have quantified the new iPad's market share.

Noting that "some analysts are behind the curve on estimates" about the new iPad, Walkley said during the course of a recent interview that "as they (analysts) do their checks in the quarter and stronger numbers come through, it leads to better earnings power than we were seeing even six weeks ago."