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Apple Hits Its Highest Valuation

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Apple Hits Its Highest Valuation

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Cheaper iPads and iPhone 5 rumors may be fueling a surge in Apple's stock price.

Apple is up around 2 percent to start the work week, giving it a share price around $663.99, making it worth about $622 billion and the most valuable company in the history of corporations since IBM was valued at $1.3 trillion in 1967.

Microsoft -- at its peak in 1999 -- was the previous record holder with $619 billion in market capitalization. That market cap comparison doesn't account for inflation, so, for further perspective: Apple is now worth 53 percent more than Exxon Mobil -- the world's second-most valuable company.

Some analysts have predicted Apple could go even higher, with a price target of $745.80, according to the San Jose Mercury News. Of 50 analysts polled, none of them thought it was the time to sell.

Alex Williams at TechCrunch dug up the correct valuation of IBM, warranting a correction to a previous version of this story.

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