Apple inches closer to $3 trillion market cap -Breaking
By Nivedita Baul and Bansari Kamdar
(Reuters: Apple Inc. (NASDAQ:) has reached $3 trillion in market capitalization. This milestone would put it at the fifth-largest economy worldwide after Germany. It also comes just over a decade after surpassing the $2 trillion mark.
Apple shares rose 1.6% to $174. To reach the $182.85 mark, they must trade at $182.85. This will cap an impressive rally that was powered by investors who have been betting on Apple’s brand and viewed it as a relative safe haven.
On top of an additional 80% increase in 2020, the stock has seen a 30% jump. The stock has increased 25% over the same period.
All its trillion-dollar peers – Microsoft, Alphabet (NASDAQ), Alphabet and Tesla (NASDAQ), – have seen their shares rise between 10% and 70%.
Apple seems to be less affected by the economic ebbs and flows because it has a strong brand. Its product line is quite robust,” Susannah Streeter (senior investment and markets analyst at Apple) said. Hargreaves Lansdown (LON) stated.
Apple has a strong belief that it will continue to support you, even though some issues have existed in getting the handsets into the hands of Apple and making them available to the general public.
Apple reached $1 trillion market capitalization in 2018, and it took them two years to get there.
Wall Street’s median target price for the stock is already exceeded by $4. The majority of analysts who cover it rate it “buy” and higher.
Apple lost briefly its title for the most valuable corporation. Microsoft Corp (NASDAQ:) This was after comments by CEO Tim Cook about supply chain problems and difficulties in procuring semiconductors and other components for making smartphones and laptops.
Microsoft has a $500 billion deficit to reach $3 trillion market capitalization.
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