Last week two analysts predicted that Apple's shares could hit $1,001. Now an analyst has raised that figure to $1,200 based on sales of iPhones and iPads. However, where the other analysts specified that the $1,001 mark would be broken within 12 months, O'Gorman hasn't specified a time frame.

Henderson Global Investors analyst Stuart O'Gorman said: "Apple is becoming cheaper as earnings had been growing faster than its share price. Our target price for Apple is $1,200."

Reports note that Apple is the biggest holding in Henderson's technology fund, notes a Washington Post report.

Apple stock has been jumping around over the past few days. Falling from $605.23 to $580.13 on 16 April, soaring to $609.70 on 17 April, and then falling back to $587.44 last night (19 April) due to concerns that chip shortages at Qualcomm could lead to iPhone supply constraints since the company provides baseband radio chips for the iPhone.

Apple might have had a blustery week on the stock market, but Goldman Sachs is still confident about the prospects for the company's shares and has boosted its 12-month price target to $750 from $700, recommending that people invest in Apple stock in the run up to the company's financial results announcement next Tuesday night.