2023-06-30 21:01:45
Apple becomes the first US company with a market capitalization of $3 trillion
2023-07-01 05:01:45 Source: Financial circles Share to:
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Apple had a solid run in the June quarter, achieving a $3 trillion valuation for the first time. Shares of Apple rose 2.3 percent on Friday, giving it a market value of more than $3 trillion. The company hasn’t had a previous session close that hit the milestone, though the company’s intraday trading price, which would have traded at that valuation level at the close on Jan. 3, 2022, failed to do so at the close. level.
The smartphone giant became the first U.S. company to be valued at $3 trillion. Its market capitalization alone is larger than the combined market capitalization of the S&P 500 utilities, real estate and materials stocks, according to Dow Jones Market Data.
Also according to Dow Jones Market Data, 719 trading days following Apple’s share price surpassed the $2 trillion mark, the company’s closing market capitalization reached $3 trillion.
Citi Research stepped in late Thursday, expressing confidence in the stock’s ability to continue higher, and analyst Malik initiated a buy rating on the stock with a $240 price target.
“We believe Wall Street is underestimating the continued growth in gross margins,” Malik wrote in a note to clients, while adding that he expects “the trend of high-end iPhones taking more market share to continue.”
His bullish comments come as Apple shares have soared 46% so far in 2023 amid a strong first half of the year for big tech companies.
Wedbush analyst Daniel Ives (Daniel Ives) also said that with Apple’s annual service revenue approaching $100 billion in fiscal year 2024 and service revenue of regarding $50 billion in fiscal year 2020, Apple’s stock price-to-earnings ratio may be higher. high.
He wrote: “This is key to a valuation reassessment, which we believe will continue to adjust as Wall Street further recognizes the enormous potential for revenue from the service. We now value Apple at $14,000 billion.” Ives said he thinks a reasonable valuation for Apple would be around $3.5 trillion by fiscal 2025, though he thinks Apple might be valued at $4 trillion by then.
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