Patrick Armstrong, chief information officer at investment management firm Plurimi Group, expects Apple’s market value to continue to rise beyond $3 trillion, and Apple’s stock price to continue growing faster than the overall economy, CNBC reports.
Apple shares had risen during the trading of January 3, as the company’s share price reached $182.86 per share for a brief period, which pushed the company’s market value to exceed $3 trillion.
The International Monetary Fund expects the US economy to grow by 5.2% in 2022, while the global economy is expected to grow by 4.9%.
“I don’t think it’s going to be a stock that will multiply very quickly, but it will grow faster than the economy,” Armstrong told CNBC.
“Apple is an incredibly positive company, in terms of cash flow generation, earnings, market share and profit margins,” Armstrong added. “It’s hardly perfect when you look at all of these metrics.”
In August 2018, Apple became the first publicly traded US company to reach $1 trillion, and its market capitalization has tripled in less than four years.
In Armstrong’s opinion, the market value of the iPhone maker is not as exaggeratedly high as some other companies.
Armstrong sold Apple shares last February, before buying more during the stock’s decline in December.
But not everyone seems to agree with Armstrong.
Emma Wall, head of investment analysis and research at Hargreaves Lansdown, said it’s probably not the time for investors to buy Apple or Tesla shares.
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