If an industry analyst had predicted ten years ago that Apple’s market capitalization would exceed $300 billion in the coming decade, there’s a good chance that particular analyst would have been fired on the grounds of insanity before Steve Jobs could even wheel out the first iPod.
But the “impossible” has actually happened. And, ironically, it was almost a non-story following Monday’s trading session, which saw shares of Apple raise 2%, effectively pushing the company’s market capitalization past the $300 billion mark. While a significant milestone for Apple – to say the least – in recent months, most Wall Street analysts saw this one coming.
Any analyst who didn’t would probably also find himself unemployed.
As a result, this week Piper Jaffray analyst Gene Munster reiterated his 12-month price target for Apple – $438 per share. As of Tuesday morning, shares of Apple are trading just above $330.
Still, while Munster and others continue to project rampant growth for Apple, few are scoffing at the Cupertino firm’s latest achievement. Remarkably, only three short years ago, Apple’s market capitalization barely exceeded $100 billion. Apple does, however, still trail some $70 billion behind Exxon Mobil Corporation, which boasts the largest market cap at roughly $375 billion.