Apple now worth more than HP

Thanks to a major boost in share price after a rosy earnings report, Apple's worth as a public company is now higher than that of Hewlett-Packard and quickly closing in on other tech giants like Intel and IBM. With shares of AAPL hovering around $145, the company's market cap sits at about $127 billion, surpassing HP's $124 billion. Intel sits at around $141 billion and IBM at about$175 billion. AppleInsider reports on analyst consensus that Apple shares are poised to gain even further ground in the coming months, quoting AmTech analyst Shaw Wu who stated "We believe bears remain too pessimistic in underestimating Apple's profit potential and ability to generate strong cash flow. Moreover, bears have also underestimated bulls' ability to form more realistic expectations and focused too much on overzealous and sometimes outright irrational estimates."

Separately, Goldman Sachs has raised the price target on shares of Apple Inc. to $165 from $135. The firm believes major product releases (including new iMacs and full-screen iPods) will drive earnings and shares higher, and is maintaining a buy rating. During Apple's third-quarter earnings conference call, Apple CFO Peter Oppehnheimer mentioned a "product transition" on which he refused to elaborate that is also fueling speculation on the stock upside.

Filed under: Apple