Apple (NASDAQ:AAPL) is now the first $700-billion company in the world.
When the markets closed on Tuesday, Apple had a market valuation of $710.7 billion. This makes the tech company worth more than twice of what rival Microsoft (NASDAQ:MSFT) is worth. The movement to becoming a $700-billion company is aided by the new iPhone 6 and 6 Plus, which have helped the company reach record revenue, reports Bloomberg.
The average 12-month target price from analyst for Apple is $132.56. The highest of these is $165. If the company reached this, it would have a value of $960 billion. This would have the tech company becoming worth twice as much as Exxon Mobil (NYSE:XOM), which is the second highest valued company in the world, Bloomberg notes.
“We are fortunate to have had a good year,” Tim Cook, CEO of Apple, told Forbes.”We are not focused on the numbers. We are focused on the things that produce the numbers.”
AAPL shares were up 1% as of Wednesday afternoon.
More From InvestorPlace
