This reflects the future, product excellence, customer obsession, trust, banking veteran Uday Kotak tweeted, adding that the company is all set to create sustainable value.
On Friday, Apple’s stock closed at $193.97 a share, and its market capitalization stood at $3.05 trillion.
Six months back, the iPhone maker’s market cap briefly topped the $3 trillion mark during intraday trading on January 3. Year-to-date, the stock has gained a whopping 50%.
A broad bounce back in technology stocks and recovery in the sales of iPhones have fuelled the rally in the stock. Further, building expectations around the Apple Vision Pro mixed-reality headset, which is slated to be released early next year, has also aided the stock.
According to some reports, Apple was also the first to surpass $1 trillion in market capitalisation in 2018, and $2 trillion in 2020.
There are reportedly six companies with a trillion-dollar valuation, of which, five are technology firms.Alphabet Inc, Amazon.com, Nvidia, and Microsoft Corp enjoy a market capitalisation of over $1-2 trillion. Oil and gas major Saudi Aramco is the only non-tech firm with a market cap of over $2 trillion.
The strong rally notwithstanding, Citigroup Global Markets sees potential for more upside in shares of Apple Inc.
The Street is underestimating the potential for continued gross margin expansion at Apple, driven by a shift toward higher-end iPhones, along with further market share gains in China and India, say analysts at Citigroup.
The company is “navigating the macro slowdown and inflationary pressure on consumer spending by consistently gaining share from Android phones, analysts said.
The global investment bank initiated coverage on the iPhone maker with a “buy” rating and $240 price target, which apparently is the highest among Wall Street analysts.
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