Apple (AAPL) has traditionally held press events in September to announce refreshes to its line of iPod MP3 players, and it wasn’t until 2011 that the company began combining its music event with its annual iPhone event, which previously took place in the summer. Even so, the month of October has been the best month of the year for shares of Apple’s stock dating all the way back to 2003, according to Topeka Capital Markets. In fact, the company’s shares have risen by an average of 10% throughout the month, with the exception of the worldwide financial crisis in 2008, The Wall Street Journal reported.
“This is no minor statement,” Brian White, an analyst at Topeka, wrote in a note to investors. “No other month has experienced a higher number of up years compared to October.”
Apple’s stock is already up 63% this year, but Topeka predicts it has the potential to reach $1,111 per share.
“We continue to believe it will be difficult for investors to justify not being overweight the stock through the holiday season and into 2013,” White said. “In our view, the recent pullback in the stock and the rising chorus of investors and/or market pundits trying to call the top in Apple is another positive indicator that sentiment has shifted and the stock is preparing to make another big leg up.”