Apple shares close above $600 for first time since 2012

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AAPL shares have been extremely undervalued for years, according to CEO Tim Cook, but it looks like Wall Street is starting to warm on Apple as the share price crested above $600 this afternoon for the first time since 2012.

After hitting an all-time high of $702.10 in September 2012, Apple’s stock has failed to regain its old luster despite record iPhone sales and earnings. Tim Cook announced last month that the stock would be split 7-to-1 in June, sending shares prices on a steady climb since hitting $524 per share the day after the announcement.  

Apple contributing to the rising stock price was Apple’s announcement that it’s increasing its buyback program by $30 billion through 2015, as well as the recent $119 million settlement it was awarded by a federal jury in its patent trial with Samsung.

Top firms such as RBC Capital Markets have increased their target price on the stock as Apple gets closer to new product announcements at this year’s WWDC, but if you need more incentive to jump on board AAPL, we’ve got a few reasons why you should consider digging in the sofa cushions for coins to spend on AAPL.

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Buster HeinBuster Hein is Cult of Mac's Senior News Editor and lives in Phoenix, Arizona. Twitter: @bst3r.

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