Apple Achieves $3 Trillion Milestone – Report


This article was originally published on TipRanks.com

Apple (AAPL) achieved a new milestone on Monday by briefly becoming the first company to reach the $3 trillion mark based on market capitalization. According to MacRumors, the milestone came on the company’s stock price powering to $182.86 during intraday trading. AAPL shares rose 2.50% to close at $182.01 on January 3.

Apple is a U.S. company that designs, manufactures, and sells smartphones, personal computers, tablets, and wearables. It also offers a range of related services.

$3 Trillion Milestone

The rise to the $3 trillion mark comes just over 16 months after the company hit the $2 trillion milestone and less than three and half years after topping the $1 trillion mark. Over the past year, Apple stock has gained over 40%.

The impressive run comes on Apple posting solid earnings results since the start of the pandemic. Its products and services have elicited strong demand as more people resort to working, learning, and connecting from home.

The company is expected to deliver revenues of $118 billion for the current quarter, topping all-time record highs of $111.4 billion. Apple’s earnings report for Fiscal Q1 2022 is scheduled for February 01, 2022.

Stock Rating

Yesterday, Wedbush analyst Daniel Ives reiterated a Buy rating on the stock with a $200 price target, implying 9.88% upside potential to current levels. According to the analyst, robust consumer demand for the iPhone 13 is positive and continues to offset the supply-chain shortages that the company faced last year. The analyst is also confident about Apple’s prospects in China, where he believes the company gained roughly 250 basis points of market share over the last 12 months.

Consensus among analysts is a Strong Buy based on 21 Buys, 4 Holds, and 1 Sell. The average Apple price target of $175.28 implies 3.70% downside potential to current levels.

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