Bernstein: 5 reasons Apple will hit a post-split $100 per share

"An active bet against Apple," writes Toni Sacconaghi, "may be difficult to sustain."

FORTUNE -- When Apple (AAPL) broke through $625 Tuesday to hit a 600-day high, Bernstein's Toni Sacconaghi was one of 19 Apple analysts whose price targets were underwater.

He took care of that Wednesday morning with a note to clients that raised his 12-month target to $700 from $615. After June 9, when...