Last year iPhone maker Apple saw some record results regarding sales and its share price. Many analysts have predicted even bigger things for the company in 2012, which will be led by the release of the iPhone 5 and the next version of the iPad. The recent Apple media announcement has taken the company’s stock to a new high.
Earlier today the company announced it will be holding a special media event next week to showcase what is believed to be the iPad 3. This news with the release of invitations to the event saw Apple’s stock hitting the $500 billion mark during afterhours trading according to a report on AppleInsider, and pass the $535 mark.
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This compares to Exxon Mobile Corporation that has long been up with Apple with regards to market cap, who were worth $411 billion. Towards the beginning of this month Apple went past market capitalization of $456 billion, which was equal to the market cap of both Google and Microsoft combined.
Apple has continued to climb after it revealed its best ever quarter during the holiday season of 2011, which was based on record iPhone sales alongside large sales of Macs and iPads. Apple overtook Microsoft way back in May 2010 with both company’s having a market cap of about $222 billion. But it has taken under two years for the value of Apple to more than double, while Microsoft were way back on $267 billion by this afternoon.
While Apple’s stock has reached record levels many feel it still has a long way to climb during the rest of the year. Piper Jaffray’s Gene Munster believes Apple will hit the price target of $670 per share, while Evercore’s Robert Cihra is suggesting a price of $650. Meanwhile both Chris Whitmore of the Deutsche Bank and RBC Capital Markets Mike Abramsky, are predicting a $600 price mark.
These sorts of prices can be expected as the year goes on with a lot of attention already focusing on the next iPhone model, which is predicted by some not to be releasing until the fall. Despite some disappointment with the specs of the iPhone 4S when it was first announced, it hasn’t stopped the device selling huge amounts.
The media frenzy will only increase in the coming days as we get closer to the iPad 3 launch and finally find out what Apple has up its sleeve this time round. Are you surprised how much Apple stock has reason recently?