'Apple to become world's first $1 trillion company'

The technology giant's shares were worth $633.38 last week as its stock price rose above Google's for the first time, the Daily Mail reported Friday.

u00a0

Brian White, of Topeka Capital Markets, then claimed Apple's sky-high share price will hit four figures within 12 months - making the company worth $1 trillion.

u00a0

u00a0

He said in his report: "Apple fever is spreading like a wildfire around the world."

u00a0

Gene Munster, of Piper Jaffray, followed that up by claiming Apple stock will hit $1,000 - but by 2014.

u00a0

The company, based in Cupertino, California, is already the most valuable company in the world currently valued at $590.82 billion, according to the newspaper.

u00a0

Just a year ago the shares were changing hands at $341. In January, Apple revealed it had more than doubled its profits to $13.06 billion, compared with $6 billion for the same quarter in 2010.

u00a0

Tim Cook, Apple's chief executive who took over from the late co-founder Steve Jobs, said: "We could have sold more if we'd had more supply. We could not be happier."

u00a0

Apple's growth is expected to be driven by sales in China, where January's launch of the iPhone 4S triggered a near riot in Beijing, the Mail said.

u00a0

Earlier this year Morgan Stanley analyst Katy Huberty predicted Apple could sell 40 million iPhones in China this year. Apple is also expected to move into the TV market after the launch of its set-top box Apple TV.

u00a0

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!