Alphabet overtakes Apple in market value - for now
By Sayantani Ghosh and Supantha Mukherjee
The median share price forecast of 31 analysts who raised price targets after Alphabet reported strong results on Monday was $924, suggesting that the company formerly known as Google could be valued at $628 billion in the next 12 months.
Apple, tracked by 49 analysts, would be valued at $748.5 billion, at the current median price target of $135.
That's not all.
A look at the most bullish price targets on the companies' shares shows that Alphabet is expected to be valued at $734 billion in the next 12 months, while Apple could hit $1.10 trillion - making it the first publicly listed company ever to be worth more than $1 trillion.
Billionaire investor Carl Icahn, an Apple investor, said in May that the iPhone maker was "dramatically undervalued" and should trade at $240 per share. At that price, the company would be valued at about $1.30 trillion.
Alphabet easily beat Wall Street's forecasts, helped by strong mobile advertising sales. Continued...