Apple Could Eclipse Exxon in Market Cap
The company’s latest monster quarter and the surge in share price it inspired has set Apple on a path to overtake Exxon Mobil as the most valuable company in the world by market capitalization. Indeed, with a $358.9 billion market value on Thursday, Apple was just $62 billion short of Exxon’s $421.5 billion. And with a number of potential catalysts in the offing — the debut of a next-generation iPhone and the impending launch of iCloud, for example — some analysts say Apple may surpass Exxon Mobil within the next year.
“Apple continues to defy modern principles of economics and delivered the investment community something never seen before (e.g., quarterly revenue of $28.6 billion growing 80 percent year over year),” says Gleacher & Co. analyst Brian Marshall. “We expect Apple will become the largest market cap company on the planet when the stock hits approximately $445.”
There is a caveat to that prediction, though. Exxon shares must stay relatively flat. Which doesn’t seem all that likely. They’ve risen about 14 percent so far this year, and there’s no reason to think that growth won’t continue in the future.