by Kyle Woodley | April 3, 2012 5:25 pm
Apple (NASDAQ:AAPL) gained 1.7% on a flat-to-down day for the markets as a number of analyst upgrades trumped up AAPL shares.
Topeka Capital Markets’ Brian White, in a move seemingly predicated to nip a Price Is Right $1 upgrade in the bud, set a $1,001 price target on Apple for the next 12 months, becoming the first Wall Street analyst to set a four-digit target. The attention-grabbing number would represent a more than 60% gain on current prices, and would put Apple’s market cap at around $1 trillion — about 6% of U.S. GDP. Not surprisingly, White gushes about Apple’s product line and growing influence across the world.
Piper Jaffray also toyed with the $1,000 mark, but thought the target was more realistic for 2014. So, for the next 12 months, the firm raised its expectations from $718 to a still immodest $910 per share. Completely outdone was JPMorgan (NYSE:JPM), which raised its target to a mere $715 per share.
Also trying to hitch a ride on the Apple train Tuesday was Illumina (NASDAQ:ILMN), a genomics company that recently rejected a bid from Swiss pharma giant Roche (PINK:RHHBY) for $51 per share — a 15% increase on an original rejected bid made in January. The company told shareholders that “Illumina is like the Apple of the genomics business” in a recent letter — and that was the case at least Tuesday, with ILMN also posting 1%-plus gains.
Despite a good March for vehicle sales in the U.S., automakers were having a rough go of things Tuesday. General Motors (NYSE:GM) was down 4.6% after it reported a 12% year-over-year increase in March sales, well shy of analyst expectations for a 19% leap. Meanwhile, Ford (NYSE:F) traded flat amid a slight miss of 5% growth in sales. Most of the other major carmakers were trading flat to slightly down as well.
Kyle Woodley is the assistant editor of InvestorPlace.com. As of this writing, he did not hold a position in any of the aforementioned securities. Check out recaps from previous trading days here.
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