Apple Passes Dell's Market Cap
by , 7:45 AM EST, January 16th, 2006
Apple had a lucky Friday the 13th, wrapping up a successful Macworld Expo week by closing with a higher market cap than Dell. Apple hit US$72.132 billion, topping Dell's $71.97 billion. As previously reported by TMO, Apple was already in a good position to surpass Dell shortly after announcing the Intel-based iMac and MacBook Pro last week.
The Mac and iPod maker also hit a new high, closing at $85.58, fueling speculation that Apple is due for another stock split. It has already split three times: On June 16, 1987, June 21, 2000, and February 28, 2005.
Analysts are very optimistic about Apple's future. Piper Jaffray analyst, Gene Munster, raised his target share price from $80 up to $103 on Friday. Merrill Lynch analyst, Richard Farmer, now thinks Apple will hit $22.4 billion in revenue for FY06, and $26.6 billion in FY07.
Apple is in a strong position looking forward in 2006. The Intel-based iMac is already shipping, the new MacBook Pro will ship in February, and Steve Jobs committed to transitioning the rest of the Mac product line to Intel processors by the end of the year.
Apple is currently trading at $85.58, up 1.298 (1.54%)