Apple becomes first US firm to cross $700 bn in market value
12 Feb 2015
Apple Inc, the world's largest company by market capitalisation confirmed its leading position at the end of Tuesday trading, with a record valuation of $710.7 billion, making it the first US company to reach that milestone.
The stock continued its ascent on Wednesday, climbing 2.3 per cent to $124.88.
Analysts have a 12-month average target price of $132.56, according to data compiled by Bloomberg.
The highest target was $165, issued by First Shanghai Securities Ltd on 3 February. If Apple does reach that mark, the company's market value would exceed $960 billion.
At Tuesday's close, the iPhone maker was more than twice as valuable as long-time rival Microsoft Corp.
Exxon Mobil Corp, the world's next-biggest company, has a market capitalisation of $385.4 billion.
Optimism about Apple has been growing since chief executive Tim Cook revealed larger-screened, more expensive iPhones in September, which helped it achieve a record profit during the last three months of 2014. China, where revenue rose 70 per cent, is helping to fuel the jump in revenue.
Apple is also preparing to ship its first new product line to debut under Cook's leadership - the Apple Watch, which has further stoked interest in the Cupertino, California-based company.
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