“It may be a while before Apple’s shares return to the all-time high of $705 they hit last September, but they should hit $600 or so by year’s end,” John Paczkowski reports for AllThingsD.

“This according to Channing Smith, director of equity strategies at Capital Advisors, who predicts that Apple’s stock will rally in the second half of this year, following a potentially tough March quarter, and June guidance that might leave a little bit to be desired,” Paczkowski reports. “Like a number of other analysts, Smith says Apple is at risk of a near-term earnings miss. But he also says the company’s big picture remains rock solid.”

Paczkowski opines, “Would Apple benefit from a new, breakthrough product? Of course. But will it fade into irrelevance without such a product? Only if you view 47.8 million iPhones sold during the past quarter as hard evidence that buyers’ interest in the the iPhone might be drying up. Only if your definition of irrelevance accounts for that sort of staggering number does Apple really “need” to field another bright, shiny object before its shares see $600 again.”

Much more in the full article here.