Apple’s Stock Price Could Hit $1,000, Says Co-Founder Steve Wozniak
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Shares in Apple Inc has the potential to reach $1000 per share in the future, claimed the company’s co-founder Steve Wozniak during an interview with CNBC on Thursday.
Shares in Apple Inc has the potential to reach $1000 per share in the future, claimed the company’s co-founder Steve Wozniak during an interview with CNBC on Thursday.
Wozniak – who to this day remains a listed employee and shareholder of Apple despite leaving the company in 1987 – said that he was excited about the upcoming products and services to be offered by the company, including the much-rumoured Apple TV, and expressed his belief that these new offerings would propel Apple’s share price towards the magical $1,000 mark.
[quote]“I am so honored that the company that I started is the largest cap market, cap, market cap, whatever you say in the world,” he said with a smile. “People talk about $1000 stock price. At first you want to doubt it, but I actually believe that, and I don’t follow stock markets. Apple has that much growth left.”[/quote]Related: Infographic: Apple’s Cash Can Bailout Greece
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According to Forbes Magazine’s investing editor Matt Schifrin, Apple’s share price has grown by over 500 percent in the last 5 years, and has even drawn the attention of Warren Buffett, who has traditionally shied away from purchasing technology stocks.
This week, Apple also became only the sixth company in the US to have crossed the $500 billion market cap, leading to numerous investors wondering whether Apple’s share price can go any higher or whether the only way for Apple is down.
But according to Wozniak, the Apple business still has so much upside potential that he could only see the stock price taking one trajectory.
“Apple is on such a winning course because it’s encapsulated all of its different big products that I mentioned (iPad, iTunes, iPhone), they all work together so well that you are in a course that if you buy a product from another company it doesn’t really do as much as one from Apple does. So Apple has a large room for growth,” he said.
[quote]Then you have “something like Apple TV that works with all these other great, great companies and products all in the same sphere… It’s not like a side project ‘we’re going to start a TV company’. No, we’re going to start TV within the whole Apple world.”[/quote]Related: Infographic: Apple’s A Billionaire, But Its Workers Are Dead Broke
Related: Infographic: Remembering Steve Jobs
Most analysts believe that Apple TV might launch sometime during the end of the year.
Reminiscing about his late co-founder Steve Jobs, Wozniak also recalled the day when Apple’s market cap managed to surpass that of IBM as the most valuable tech company in the world. He said that Jobs was extremely excited about the accomplishment and asked Wozniak if he ever thought they might see such a day.
