Analysts scramble to keep their targets ahead of Apple’s price

September 18, 2012, 1:24 PM UTC

FORTUNE — On Sunday BMO Capital’s Keith Bachman, citing “earlier availability” of the iPhone 5, raised the price he expects Apple’s (AAPL) shares to reach in the next 12 months from $680 to $750.

He was already three days too late.

The stock, which opened September at $665.76, smashed through $680 last Thursday, closed Friday above $691 and finished Tuesday at $701.91.

Bachman is not the only Wall Street analyst having trouble keeping up with Apple’s share price. More than half of the analysts we track raised their 12-month price targets this summer into the 750-900 range ($770 is currently median target, according to Thomson First Call). We expect they’ll have to do it again before January.

Meanwhile, we’ve got several analysts at exactly $700 and at least two — Pacific Crest’s Andy Hargreaves ($690) and Morningstar’s Michael Holt ($670) — well under water.

At the other end of the spectrum, Topeka’s Brian White set a Street-high $1,111 target in April and seems to be sticking with it.