Apple has joined an elite group of companies to reach a half-trillion-dollar equity valuation amid expectations the company will launch the new version of the iPad next week.
Shares in the iPhone maker rose to $532.35 in morning trading in New York yesterday, lifting its equity value to $501bn. Apple shares are already up 30 per cent this year, extending gains over the past 10 years to 4,414 per cent.
Despite being the world’s most valuable company – it is now worth about $90bn more than ExxonMobil after a see-saw rivalry last year with the oil company – stock market analysts remain bullish. Some 51 out of 56 analysts tracking Apple surveyed by Bloomberg rate the stock a “buy” with four maintaining a ”hold” stance. Only one analyst has “sell” rating on the stock.