It has been one heck of a crazy week for Apple’s share price. We are less than two months into the year and the share price has already seen a 22% increase this year. In fact, while AAPL continues to rise, GOOG’s share price continues to fall. This week alone, Apple’s share price has seen an average of $10 in gains per day. Also, since the time Steve Jobs passed away, the company’s market cap has grown $90 billion. Clearly doomed indeed.
Today, AppleInsider points out that Apple is now worth more than Google and Microsoft! That’s pretty amazing for a company that doesn’t dominate in marketshare. Microsoft’s market cap was around $256.7 billion, while Google was valued at around $198.9 billion. Today, Apple’s share price closed at $493.17 and was trading at $494.69 in the after hours. The company’s market cap reached $459.82 billion.
While Apple’s share price is going to pass $490, analysts have begun raising their expectations. Charlie Wolf with Needham & Company upped his estimate from $540 to $620, while Mike Walkley with Canaccord Genuity raised his target on AAPL shares even higher, to $665. In fact, even to this day, Apple is trading lower than what it should be at.
It seems to me that Apple will soar past $500 tomorrow without a doubt!