Apple’s strong March quarter, and news of an expanded capital reinvestment, led shares of the company to close above $600 Monday afternoon, setting a new 52-week high for the stock.
AppleInsider reports that when the markets closed at 4:00 Eastern, Apple was at $600.96. The company crossed the $600 threshold just minutes before the NASDAQ halted official trading for the day.
Apple shares closed up more than $8 for the day. The Cupertino company’s market capitalization now sets at $517.65 billion.
RBC Capital Markets gave Apple a strong endorsement earlier in the day, issuing its second price target increase in as many weeks. Analyst Amit Daryanani now sees Apple shares reaching at least $645 in the next year, while his “upside scenario” predicts a price of $725 per share.
Apple’s all-time high point came in September 2012, as shares briefly crossed the $700 price point. Soon after, the share price began to fall, tumbling throughout later 2013 and 2013.
