Yesterday, Apple teased us by shooting above $700 in after-hours trading. Remarkable, but still, such trading tends to be thin. Could it actually break that barrier and hold the next day?
Turns out, the answer is a resounding: Yes!
On Tuesday, Apple rose $2.13 to close at $701.91. That gives the company an astonishing market cap of $657.97 billion. Even more impressive is that Apple did it on a day when the overall Nasdaq was down.
Analysts, according to MarketWatch, remain bullish on Apple, even at that dizzying height:
“Analyst Shaw Wu, of Sterne Agee, said in a research note that despite “lukewarm reviews” of the iPhone 5, “we continue to believe many underestimate iPhone 5 in that it is a significant update and will drive a powerful product cycle.” Wu raised his price target on Apple’s stock to $840 a share from $820. ”