The highly traded Nasdaq-100 ETF is handily outperforming the market in 2012 thanks to the 40% rally in top holding Apple (NasdaqGS: AAPL). Now Morgan Stanley is out with a price target of $960 a share for the Wall Street darling.
PowerShares QQQ (NasdaqGM: QQQ) is up 18.7% this year, versus an 11.5% advance for the S&P 500.
Apple represents 17.8% of the tech-heavy tracking index, the Nasdaq-100. [ETF Chart of the Day: Nasdaq-100 Index]
The gravity-defying stock is moving higher again toward $600 following a brief pullback earlier this month.
Many tech sector ETFs have huge weightings in Apple due to its giant market cap. [Technology ETFs with Big Positions in Apple]