Just over a year after surpassing the $2 trillion mark, Apple Inc is approaching a market valuation of $3 trillion, a milestone that would make it the world’s fifth largest economy after Germany.

Apple’s stock was trading at $174, up 1.6 percent. To meet the target, they must trade at $182.85, capping a robust gain fueled by investors betting on the company’s name and perceiving it as a relative safe haven.

The stock has increased by around 30% this year, following an 80 percent increase in 2020. In comparison, the S&P 500 has increased by 25% over the same time span.

Microsoft, Amazon, Alphabet, and Tesla, its peers in the trillion-dollar club, have all gained between 10% and 70%.

“Apple does seem to be more immune to the ebb and flow of economic forces just because of this really strong brand. It`s new product pipeline is pretty strong too,” Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown said.

“There is an expectation that Apple is still going to come for you even though there have been some weaknesses in getting hold of the handsets and making sure that they`re available for the public.”

Apple’s market value surpassed $1 trillion in 2018 and took two years to double.

The stock has already surpassed Wall Street’s median price objective by $4, with the stock being rated “buy” or higher by the majority of analysts that cover it.

Following CEO Tim Cook’s statements on supply chain issues and the challenge to source semiconductors and components to produce smartphones and laptops, Apple momentarily lost its distinction as the most valuable business to Microsoft Corp earlier this year.

Microsoft is around $500 billion away of having a market valuation of $3 trillion.

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