A little over a month ago, we pointed out that Apple’s share price has soared past $500, and it was continuing to reach new all time highs. Ever since the company reported blowout earnings for the first fiscal quarter of 2012, it has been rising and will continue to. Now last month, I pointed out that while Apple’s share price continued to grow, Google’s continued to stay steady or fall.
Turns out, in a matter of no time, AAPL is closing in on GOOG. Today, Apple’s share price has closed at an all time high price of $589.58 and in after hours, the share price closed at $591.50, which makes it less than $30 from overtaking GOOG. In fact, Apple is up 45.6 percent for the year. Just take a look at the graph below. It is mind blowing! In addition, Morgan Stanley has bumped up its target price for the stock to $720, with a 12-month bull case estimate of $960.
Remember when Exxon Mobile was the most valuable company in the world? Well, now Apple is and their market cap is at $549.71 billion, which makes it worth more than the entire US retail sector’s market cap! Apple may become the first trillion dollar company in our lifetime. Doomed indeed.