How Apple shares could hit $435 by 2012

Philip Elmer-DeWitt reports for Fortune, “In a report to clients issued Friday, Morgan Stanley’s Katy Huberty offered one of her patented risk-reward snapshots of Apple (AAPL), this one even more optimistic than the last, thanks to what she sees as two new catalysts:”

• The iPad launch in March
• New iPhones in June

Elmer-DeWitt reports, “Huberty offers her usual three scenarios — bull (with three possibilities), base and bear — but leans heavily toward the bull, describing three paths to share prices as much as 115% above Apple’s closing price Thursday of $202 per share.”

Huberty’s scenarios for AAPL share price by 2012:
• Bull 1: $435 per share
• Bull 2: $358 per share
• Bull 3: $325 per share
• Base: $250 per share
• Bear: $180 per share

Full article here.