Apple Inc., reached another milestone in its 36-year history.
The techology giant is now the most valuable company of all time. This distinction was a result of the stock price, Apple shares have been on a steady rise for years now and the company is now valued at $623.5 billion. The new value bests a previous high of $616.3 billion which was set by Apple's rival Microsoft.
Apple is worth 18 times more than Ford Motor Co, six times more than Amazon.com, and 14 times more than Facebook. Apple achieved a remarkable feat, it grew quickly after its launch from a Silicon Valley garage in 1976, but in the 1990s they were slipping into a new low.
"It's the pinnacle of the American dream. You start a company from scratch, it nearly goes to zero, and then it comes back and becomes the world's most valuable company," said Peter Misek, managing director at Jefferies & Co.
The change around of Apple was the introduction of iPhone and few years later of the iPad tablet, which turned the tables in Apple's favor and make their new gadgets a must-have around the globe.
"It's quite amazing. At the end of the day, this is the best mega-cap growth story out there by far," said Shaw Wu, tech analyst at Sterne Agee.
Over the past four years that the company gained better in stock price, from $20 in 2004 to $665.15 on Monday. The boom is always a worry for analysts who fear a downfall in price might happen like it did for Microsoft, which is trading at $30.74 on Monday from $60 in December 1999.
Apple is aiming for a new title of becoming the first $1 trillion company, which analysts say can happen in a year or two.
"Right now, I'm keeping my sell rating, and I think investors should take the profit in advance of the iPhone 5 release," said Longdley Zephirin of Zephirin Group Inc.
Wall Street analysts are excited about the release of iPhone 5 and Mini iPad, which are reportedly scheduled to be released in September. Both products have not been officially acknowledged. It is also believed that Apple will also roll out an iTV television set.
"We think Apple has one more trick up its sleeve, at least, and it's going to change the living room," said Misek on Apple's iTV.
Though expectation of new Apple product has blocked current iteration of iPhones, but many analysts feel Apple with its loyal customer base and growth in international regions and new product categories, will not slowdown.
"It could get there," Misek said. "Support a trillion-dollar valuation, we're talking about a company that could be making $80-$90 billion in net income annually, and it's possible in a couple of years."
