Continuing an astonishing run, Apple shares crossed the $500 level for the first time just one month ago, closing at $502.60 on February 13. The stock crossed the $400 level on December 23. At $600, the company has a market cap of $559 billion.
Year to date, Apple shares have appreciated 48%.
Since touching the $600 level, the stock has since backed off a few bucks; don't be surprised to see the stock blow right past the $600 level later in the session, or in the next few days. Meanwhile, the stock's rapid ascent is going to post some issues for analysts. According to Thomson First Call, the mean target price on the Street for the stock is $594; the median target is $600. Ergo, the pundits are faced with this choice: raise their targets for cut their ratings. Expect to read about a lot of target raising.
