If you were still surprised that Apple's share price had broken the $300 barrier last week, you ain't seen nothing yet.

Analysts at Piper Jaffray have raised their FY11 price target from $390 to $429, so it may not be long before we see the company break the $400 per share barrier.

In a statement released to clients yesterday Piper Jaffray said: "While shares of Apple may pull back today (19 October), we would be buyers based on our belief that investors will gain optimism over the next three months that the growth story will continue. We are raising our FY11 revenue growth rate from 24 per cent to 32 per cent and our price target goes from $390 to $429. Key takeaways from the Sept. quarter include: adjusting for iPhone backlog in Sept. (we believe iPhone growth rate went from 61 per cent in June to 114 per cent in Sept).; Apple reported 4.1m iPads sold but we believe the true demand was closer to 4.5m; Street was disappointed with margins but we believe higher volumes are a net positive for the business," reports Benzinga.

Apple is closed yesterday at $309.49.