Analyst raises AAPL price target to $699 per share

Summary:A Jeffries analyst raised his $AAPL price target by $100 today on two major product announcements in 2012: iPhone 5 and an Apple television. He also called a dividend "likely."

Despite hitting a lofty height of over $568 per share today, shares of Apple, Inc. (NASDAQ: AAPL) could go higher -- much higher.

That's the opinion of Jeffries analyst Peter Misek, who raised his $AAPL price target by $100 today telling CNBC's Fast Money:

We think the Street numbers are too low, so we’re sending a message that we think Street’s going to go higher and we think the stock’s going to go higher as a result

The reason? Misek estimates that Apple will announce the iPhone 5 in September and an Apple-branded flat-panel television in the fourth quarter of 2012.

During the interview on Fast Money Misek also said that an Apple dividend was "likely" and that it could arrive in the second half of 2012.

That’s a ridiculous amount of money. It starts to become a bit of a risk for them. They’re going to have to distribute it

Buy, sell or hold?

Chart: CNBC

Topics: Apple

About

Jason D. O'Grady developed an affinity for Apple computers after using the original Lisa, and this affinity turned into a bona-fide obsession when he got the original 128 KB Macintosh in 1984. He started writing one of the first Web sites about Apple (O'Grady's PowerPage) in 1995 and is considered to be one of the fathers of blogging.... Full Bio

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