Analyst: Thanks to the Apple iPad mini, Apple's stock target remains over $1,000

Despite a 28% drop in Apple's stock since it hit an all-time high on September 21st, analyst Brian White of Topeka Capital not only remains bullish on the shares, he expects them to hit his target of $1,111. For Apple to hit his target, the stock will have to more than double from Friday's closing  price of $509.57. A lot of the analyst's bullishness stems from what he sees as strong demand for the Apple iPad mini in China and Hong Kong. On the mainland there are shortages of the 7.9 inch tablet while the Apple Stores in Hong Kong have been sold out of the device.

White sees demand for the Apple iPad mini leading Apple's shares much higher

The old saying goes "buy on the rumor, sell on the news," and did that ever ring true for Apple. With the shares rallying on the expectations surrounding the launch of the Apple iPhone 5, the stock hit an all-time high of  $705 on September 21st which was the exact launch date for the 6th generation of the Apple iPhone. From that moment on,the stock has been in decline.

White's bullishness on the stock is based on fundamental analysis which revolves around the analyst's attempt to determine what Apple will earn in 2013 and beyond. Quite an imprecise science indeed. Meanwhile, most technical analysts, who look at the past movements of Apple shares to predict the future, are bearish on the stock and have been for the last $100 down. The stock has penetratedboth the 50 and 200 day moving averages on the downside and most technicians say a close under $500 would lead to more selling.

source: Forbes