Shares of Apple were up 1.6 percent at $174. They need to
trade at $182.85 to hit the mark and cap a strong rally that has been powered
by investors betting on its brand and viewing it as a comparative safe haven.
The stock has jumped about 30 percent this year on top of an
80 percent surge in 2020. In comparison, the S&P 500 has risen 25 percent
for the period.
Its peers in the trillion-dollar club - Microsoft, Amazon,
Alphabet, and Tesla - have all gained between 10 percent and 70 percent.
"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 hit the $1 trillion in market capitalisation in 2018
and took two years to double that valuation.
The stock has already breached Wall Street's median price
target by $4, with a majority of analysts covering the stock rating it
"buy" or higher.
Apple briefly lost its title as the most valuable company to
Microsoft earlier this year after CEO Tim Cook's comments on supply chain woes
and the struggle to procure semiconductors and components to make smartphones
and laptops.
Microsoft is about $500 billion short of reaching $3
trillion in market capitalisation. © Reuters
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