Apple — the world’s biggest technology company — today passed the $600 barrier on the NASDAQ for the first time in the company’s history, as investors continue to show huge confidence in the company to sustain its incredible growth.
The Cupertino-based company’s stock reached $600.01 in pre-market trading but fell shortly before it opened to $599.82. It is currently trading at $595.72 per share.
It took only 23 trading days to rise from $500 to $600, after it took 34 days to go from $400 to $500.
Stock may be up as the company will make its new iPad available at 8am local time in 10 countries tomorrow morning, just over a week after it introduced the device at its keynote event in San Francisco.
Yesterday we reported that because Apple investors “still underestimate the earnings potential” of the world’s biggest technology company, Morgan Stanley has upped Apple’s price target by almost 40%, from $515 to $720, as its share price continues to increase on the back of its new iPad and rumoured new Mac and iPhone products.
Analyst Katy Huberty identified a number of earnings drivers that would indicate growth in Apple shares, citing enterprise tablet adoption and a strong interest in upgrading to a new LTE-equipped iPhone which could be introduced later this year.
Speculation surrounding a new 4G-enabled iPhone has increased after the company introduced its new LTE-equipped iPad, suggesting the company would do the same for its upcoming smartphone. Verizon Wireless CTO David Small has also added fuel to the fire by stating that the operator will only release 4G LTE-equipped devices through to the end of 2012.
Tech Chief David Small spoke about the company’s handset plans following Verizon’s recent 4G outage, which was caused by network updates as the operator looks to expand its LTE networks.