U.S. tech giant Apple is poised to be the most profitable company in history, says Topeka Capital Markets analyst Brian White.
The company's stock topped $600 per share earlier this year, and was just under $590 at Tuesday's close.
"In CY12, we believe Apple is poised to generate the highest annual net income of any publicly traded company ever,” White writes in a note to clients, according to Fox Business Network.
White based his optimism on predicted strong sales of the new iPhone with a 4-inch display launching in the third quarter, an "iPad mini" due for release in September and an upcoming Apple HDTV, Fox Business Network adds.
White has assigned a buy rating on Apple stock with a price target of $1,111, just shy of twice the present share price.
Other analysts have made big calls for the iconic tech company as well, including Gene Munster, managing director and senior research analyst at Piper Jaffray, who said earlier this year that Apple will be valued at $1 trillion by 2014, when its stock will be trading around $1,000 a share.
The company will grow on mobile device demand, based on the assumption that out of 1.6 billion total units expected to hit the market within two years, Apple will account for at least 400 million.
"I know that when you look at the $1,000 price tag, it looks like a big number. But when you look back and do the math … it’s not that hard to get there," Munster told CNBC recently.
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