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August 29th, 2023 -

About 3 Mins
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Apple reached a significant milestone on Friday as its market value surpassed $3 trillion. The company’s stock opened at $191.78, a 1.5% increase, pushing its market capitalization over the $3 trillion mark. This places Apple’s worth higher than the combined value of the bottom 202 companies in the S&P 500 index and surpasses individual sectors such as Consumer Staples, Energy, Utilities, Materials, and Real Estate. 

Although Apple briefly achieved a $3 trillion valuation in intraday trading earlier in 2022, this is the first time it has opened above this level. The stock’s performance on Friday will be closely watched to see if it can sustain this milestone. The company has already seen a remarkable rally this year, outperforming major indices like the Dow Jones Industrial Average, S&P 500, and Nasdaq, with gains of 47%, 3.5%, 15.5%, and 31.5% respectively.   

According to Wedbush analyst Dan Ives, this is a historic day for the tech sector, challenging the skeptics who have doubted Apple’s growth story. Wall Street analysts remain bullish on Apple, with an average Buy rating among nearly 40 surveyed analysts. On Thursday, Citi analysts began their coverage of Apple with a Buy rating and set a target price of $240, implying potential gains of 27% from the previous day’s closing price of $189.59. 

Citi analysts have opined that the American company has a bright future despite a looming macroeconomic slowdown and rising inflation. They attribute this upside potential to several factors including cost reduction through self-designed cellular chips; higher average selling prices due to consumer preferences for premium Pro/ Pro Max models and projected market share expansion in China and India. 

This content is provided for general information purposes only and is not to be taken as investment advice nor as a recommendation for any security, investment strategy or investment account.

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