Apple's Stock Touches $600 ... Again
By Chris Ciaccia - 07/03/12 - 12:25 PM EDT
NEW YORK (TheStreet
) -- Apple's
stock topped $600, a level not seen since April 27.
Shares of Apple have gained about 6% since June 25, when they closed at $570.77. Since that time, the value of the Cupertino, Calif.-based technology giant has risen by $34 billion to $560 billion, making it the largest company in the S&P 500
. No. 2 is oil company Exxon Mobil
, with a market cap of $402.6 billion.
Since the beginning of the year, Apple shares have gained 48%, far outpacing the 14% return of the Nasdaq
. They're up about 1% today.
Despite the run, analysts are projecting further gains. Of 43 analysts polled by Thomson Reuters
, the mean price target is $714.05. The highest price target on Wall Street is Topeka Capital Market's Brian White, at $1,111.
Apple is scheduled to report third-quarter earnings on July 24 after the close of trading. Analysts surveyed by Thomson Reuters
expect Apple to earn $10.33 per share on $37.33 billion in revenue.
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--Written by Chris Ciaccia in New York
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