Apple’s stock hits $300 a share


13 Oct 2010

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Apple’s stock rose above $300 per share today for the first time ever.

This puts Apple’s market cap above $275bn, above Microsoft, Google and HP, making the future for Apple look very healthy.

The stock has risen by 40pc this year alone and many analysts say it could keep climbing. This has been attributed to good iPad sales and a planned expansion into China, where it will open 25 stores.

Morgan Keegan analyst Tavis McCourt said their recent acquisition of app developer ngmoco was also a bonus for Apple.

McCourt said that, because developers flock to their platform, it will allow them to make the most money.

According to Thomson Reuters, 46 of 49 analysts who cover Apple have a price target of $300 or higher on the stock.

Three of those have targets of at least $400 per share.

Apple will report their fiscal fourth quarter results on 18 October.

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