Apple’s Market Cap Tops $3 Trillion for First Time

Apple has become the first publicly traded company to close above a $3 trillion market cap, marking a historic milestone for the tech giant that has reshaped society with its products and services. Apple’s stock price rose 2.21% on Friday to $193.78, driving the tech giant’s market cap to $3.05 billion. The company first reached this milestone back in January 2022, before closing the session just below that mark. However, the stock price subsequently fell 25% over the rest of the year to $130 before beginning the current climb. Apple’s market cap hit $3 trillion once again on June 30, 2023, as its shares rose 1% to a new high and passed the $190.73 price required to reach the milestone.

Investors and analysts remain bullish on the stock and Apple’s portfolio of products and services, despite the company’s warning in May that its current quarter revenue is expected to fall about 3%. Late Thursday, Citi’s Atif Malik initiated Apple as a buy with a $240 price target, the highest of any Wall Street analyst. The firm also predicted the iPhone maker can sell at 30 times estimated fiscal 2025 earnings per share. Apple’s stock is currently held in Jim Cramer’s Charitable Trust portfolio.

Daniel Ives, an analyst with Wedbush Securities, believes that Apple’s fair valuation could be in the $3.5 trillion range with a bull case $4 trillion valuation by FY25. Wedbush has a 12-month price target of $220/share on Apple stock and maintains an “outperform” rating. Ives believes investors have “severely underestimated the massive installed base upgrade opportunity around iPhone 14 and now a mini super cycle iPhone 15 ahead with roughly 25% of Apple’s golden customer base not upgraded since 2019”.

Apple’s market cap passing $3 trillion is a significant milestone for the company and the tech industry as a whole. Despite challenges faced by the company, investors and analysts remain bullish on Apple’s future prospects.