Apple Market Cap Blows Past $300 Billion
On Tuesday morning, Apple was trading up yet again, with shares of the tech company remaining buoyed above $330. It's a positive start to the first trading session after Monday's significant but somewhat overlooked milestone for the Cupertino outfit. During the first full trading day of 2011, shares of Apple popped 2% and effectively pushed Apple's market capitalization beyond the $300 billion threshold for the first time in Apple's history.
Incredibly, it was just over three years ago when Apple's market capitalization exceeded $100 billion. Not a bad 36 month-run. Still, Apple surprised few with the milestone given one record quarter after the next. Apple does, however, remain approximately $70 billion behind Exxon Mobil Corporation's market cap, which as of Monday, exceeded $375 billion. For the time being, it doesn't appear that Apple will soon overtake Exxon. By the same token, of course, no one is poised to take the second spot either - a position held by Apple since it replaced PetroChina Co. in September.
Coinciding with the record year Apple is already off to, Piper Jaffray analyst Gene Munster stated once again this week that his 12-month price target for Apple remains at $438 per share - a full $100 higher than the stock's current value. As we covered Monday, Munster predicted that Apple will not venture into any new product categories
in 2011 and, instead, focus on tweaking and improving its current product line throughout the next twelve months.