Apple Inc. Shares Could Still Rise 30% in 12 Months

Steve Job's Apple Inc. (NASDAQ:AAPL) shares have increased 161% in the last 12 months, would you believe they still have another 30% to go?  According to Piper Jaffray Companies (NYSE:PJC) the rally is just getting started.

(AppleInsider.com) Apple Inc. (AAPL) formally announced its anticipated media event on Jan. 27. It is expected that the company will introduce its long-rumored touchscreen tablet device next week. With buzz around the device remaining high, Piper Jaffray's Gene Munster said all of the attention should move Apple shares higher.

"We believe Apple will show a 10-inch tablet device and possibly a new version of iPhone software," he said. "We continue to believe Apple will ship a tablet by the end of March, and will likely sell about 2M units in the first calendar year of sales. The tablet is not included in our model."

Through the end of 2010, Munster has forecast 1.4 million tablet sales at an average selling price of $600. Piper Jaffray has slightly increased its price target for AAPL stock, from $277 to $279. Since the tablet is not in the firm's current models, that total could change depending on the outcome of next week's product announcement.