Apple hits $3trn Market Value – Forbes
TECHDIGEST – Apple’s market capitalization soared past $3 trillion Friday, a historic milestone as the world’s largest company continues to grow larger thanks to resilient profits and product sales.
Shares of the iPhone maker jumped more than 1% to a fresh all-time high of $192 in morning trading and are now up nearly 55% this year.
Now valued at $3.02 trillion, Apple remains the only $3 trillion company in history, having briefly crossed the threshold in January 2022. Apple is nearly $500 billion more valuable than the next-largest company, Microsoft ($2.5 trillion market cap), while Saudi Aramco ($2.1 trillion), Alphabet ($1.5 trillion), Amazon ($1.3 trillion) and Nvidia ($1 trillion) round out the exclusive trillion-dollar club.
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Even after the meteoric rise, Apple can gain another 25% over the next 12 months, Citi analyst Atif Malik wrote in a Friday note, setting a $240 price target for the stock thanks to under-appreciated room for growth in profit margins. Apple would be worth $3.8 trillion should it meet Citi’s target. Apple is worth nearly as much as Tesla, Meta, Berkshire Hathaway, UnitedHealth and Visa—the sixth through tenth most valuable American companies—combined.
Forget $3 trillion, Apple could be worth $4 trillion by 2025, bullish Wedbush analyst Dan Ives wrote in a Wednesday note to clients. The company’s $3,499 headset set to release next year “is the first step in a broader strategy for Apple to build out a generative AI driven app ecosystem for its golden customer base,” Ives gushed.
Wedbush has a $220 price target for Apple stock, above consensus but below Citi’s $240 target, which is the highest of any Wall Street firm, according to Bloomberg.
Apple brought in $394 billion in sales and $100 billion in profit during its most recent fiscal year, making it the second-most profitable company in the world, trailing only Saudi Aramco.
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