Apple stock keeps climbing, target raised to $100

Apple Computer (AAPL) is trading at over $60 share at this moment, thanks to Piper Jaffray nearly doubling its target price estimate for Apple after their own survey of iPod users revealed a fierce brand loyalty amongst users.

Piper Jaffray’s Gene Munster bumped Apple from $52 to $100 a share, saying ”We believe that the remarkable satisfaction with the iPod creates a word-of-mouth wildfire that generates new customer interest in Apple products. While this multiple is a premium to the comp group, we believe it is warranted given the growth potential of the iPod and its carryover to the core Mac business.”

The last time Apple shares reached $100 was in intraday trading on June 20, 2000 - a day before Apple had a 2-for-1 stock split.

Forbes reports that “Piper Jaffray said that in a survey of 200 users, 6% were former PC users who have purchased a Macintosh after buying an iPod, while 7% were former PC users who plan to
buy a Macintosh within 12 months.”

This is HUGE! I predict a very Merry Christmas in Cupertino this year… and next year.