The stock won’t be any less valuable following the split, but for many investors it will magically become affordable. While some could argue that a 16GB iPad Air with Wi-Fi and cellular connectivity is overpriced at $629, it doesn’t change the fact that the device would cost you less than a single share of Apple Inc. (NASDAQ:AAPL)’s stock, if you made your purchase before the Friday close.

Apple Stock AAPL

Steve Jobs didn’t want a split

Shareholders of record on June 2nd will receive the split, the same split that Steve Jobs was against for years citing Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B)’s unwillingness to split. But let’s face it, he’s dead and current CEO doesn’t seem bothered a bit by the fact that someday he might have to explain his decision to the soul of the founder that presumably is still wearing a turtleneck in the afterlife.

Bernstein analyst Toni Sacconaghi recently raised his price target for Apple to $700 citing the psychological effect of a split and an expected clamoring by new (Apple) investors to buy Apple when they can.

“Historically, our analysis points to evidence that companies that split their shares outperform in the near-term,” he said.

Apple to join the Dow 30?

One additional benefit to Apple Inc. (NASDAQ:AAPL)’s split, at least psychologically again, is the potential inclusion of Apple to the Dow 30.

As a price-weighed average, the Dow 30 simply and not take on Apple at nearly $700. That doesn’t mean that Apple will be added to the index, just that it could be in the near future.

When StreetInsider.com reached out to S&P Dow Jones Indices Director & Global Head of Communications about the matter last month, they  were told “We cannot comment on the potential for any company to be added to or removed from our indices. We consider this material, market moving information.”

Depending on what happens to trading of Apple Inc. (NASDAQ:AAPL) following the split, there are a number of companies that might give a similar move future consideration. Two glaring examples are Priceline Group Inc (NASDAQ:PCLN) that trades at almost $1,250 and Chipotle Mexican Grill, Inc. (NYSE:CMG) whose stock has risen over $560.

Again, the split doesn’t guarantee Apple Inc. (NASDAQ:AAPL) a spot on the Dow, but with Visa Inc (NYSE:V) on the Dow at about $212, it would be tough to ignore Apple any longer given the fact that it’s the largest company in the world by market capitalization.