Is Apple a $1,600 stock?

Apple Inc. (AAPL-Q) shares hit a new high Tuesday, briefly reaching $614.91 US during morning trading. Apple shares have already gained more than 51 percent this year, but Eric Jackson, founder and managing partner of Ironfire Capital, sees the maker of the iPhone, iPad and other i-related products hitting $1,650 a share by 2015.

Jackson tells BNN the iPhone will remain Apple's cash cow, predicting emerging markets like India will power a six-fold surge in sales over the next few years.

"They are playing in markets that are going to be massive in three to five years," Jackson says. "The wave is just starting that they are going to be capitalizing on."