Apple’s (AAPL) market cap will rise to $480 billion over the next four quarters, according to the updated PPS targets from analysts following the tech giant’s blockbuster earnings report this week. The iPhone-maker could even see its market value print above $600 billion, surpassing Exxon Mobil Corporation (XOM – current market cap $418 B) as the most valuable company on earth, according to Ticonderoga Securities.
[From CNBC] “Given the momentum in Apple’s portfolio and inexpensive valuation (10x current year 2011 EPS, ex-cash [PEG Ratio: 0.67]), we believe the stock will ultimately reach our 12-month price target of $666,” said Ticonderoga’s Brian White, whose updated price target is up from a previous $612 forecast and is the highest among all analysts who cover the stock.
White believes the expansion of Apple’s presence in the mobile phone market with the iPhone “still remains in the early stages as the mobile Internet ramps around the world with increased smartphone penetration.”
“Apple continues to defy modern principles of economics and delivered the investment community something never seen before (e.g., quarterly revenue of $28.6 billion growing 80% y/y),” wrote Gleacher & Co. analyst Brian Marshall, in his updated report where he raised Apple’s 12-month target price to $500 from $450.
Marshall also said he expects Apple to “become the largest market cap company on the planet when the stock hits approximately $445.” Piper forecasts a 12-month advance to $554 on the stock and Credit Suisse predicts a rise to $500. To say such growth is remarkable, is an understatement ; especially considering Steve Job’s company already has a market value of nearly $360 billion.
Apple’s stock price closed at around $388 a share on Thursday on 14+million volume, up 20% from the start of the year.