Apple Corporation’s (AAPL) stock continues to be on fire as it hit all-time highs of $213.35 to end 2009. The stock is soaring on optimism over the holiday season and rumors about a possible new product announcement at a conference in late January.

The tech blogs have been buzzing about a supposed “tablet” product which is alleged to be like a large iPhone, with a touch screen, and is capable of playing ebooks and handling videoconferencing.

But, again, these are just rumors. It’s been enough, however, to move Apple’s stock to new highs.

Consensus Estimates Jump

Analysts are growing more bullish on the company for the full year as the rumors fly. The fiscal 2010 Zacks Consensus climbed 15 cents in the last 60 days to $7.81 per share.

However, the fiscal first-quarter estimate has fallen a penny to $2.05 per share in the last month even as 3 estimates were raised during that time period.

The company is scheduled to report fiscal first-quarter 2010 results on Jan 20. Apple has a history of beating estimates, having done so the last four quarters by an average of 23.46%.

Looking forward, analysts project 21.94% earnings growth in fiscal 2011. The 2011 Zacks Consensus rose to $9.52 from $9.38 in the last 60 days.

Fundamentals

Apple is a Zacks #2 Rank (buy) stock. It is trading with a forward P/E of 27. The company has a stellar 1-year average return on equity (ROE) of 22.6%.

10-Year Chart

Check out the 10-year stock chart for Apple. The 2009 run was impressive. The stock now trades near all-time highs.

Tracey Ryniec is the Value Stock Strategist for Zacks.com. She is also the Editor in charge of the market-beating Zacks Value Trader service.

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