There is, in theory, no limit to how high in price any stock may go. Price alone is not a determining factor in the future price of any stock. Look at Berkshire Hathaway, it has gone from $7225 in February 1990 to over $130,150 today, an annualized rate of return of 13.6%.
For me the question is how long Apple can continue to grow its earnings at 20% plus, thereby deserving higher stock prices in the future? Currently according to http://finance.yahoo.com/q/ae?s=AAPL+Analyst+Estimates Apple is expected to grow its earnings at a rate of 22.52% per year for the next 5 years.
If this holds true, Apple stock shares should be substantially higher than they are today. I am currently a buyer of Apple as well as some other stocks. You may see the stocks I currently recommend at http://davesfavs.com/ for free, just use free as the user id and markets as the password.
The current mean price target for Apple is $736.17 for the 55 professional analysts that follow the stock.
I hope this helps Josh, Dave
This question is from September of 2012 or over 2 years ago. A good example of how investors should not be concerned with the next earnings report but instead should be concerned with 1. The quality of management, and 2. the growth potential of the industry the company is participating in.