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Analysts seem to be perpetually disappointed no matter how many sales records Apple breaks, but the company’s market value has steadily climbed over the last year. Today, just before the markets closed, Apple’s stock (AAPL) price passed $600 USD for the first time since November 2012, and it closed the day out at $600.96 (via MarketWatch). The price has since hit $602.50 in after hours trading.
The late surge comes shortly after analyst Amit Daryanani of RBC Capital Markets raised his forecast for the stock for the second time of late, reports AppleInsider. He now expects the stock to hit a target price of $645, with the downside-upside range coming in at $500 to $725 for the stock.
Daryanani has labeled the stock with a rating of “outperform,” and beyond last quarter’s stellar numbers, he cites Apple’s aggressive stock buyback program and expected launches of the iPhone 6 and next iPad later this year as signs of continued success ahead. Apple is also planning a seven-for-one stock split, which will bring even more investors into the fold.
Apple’s stock price hit its peak in September 2012 when it briefly floated above $700 per share, though if Daryanani’s upside projection pans out, we could possibly see that number topped in the coming weeks and months.