{"id":22259,"date":"2023-06-13T21:38:49","date_gmt":"2023-06-14T01:38:49","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/apple-is-worth-almost-3-trillion-heres-how-it-can-get-there\/"},"modified":"2023-06-13T21:38:50","modified_gmt":"2023-06-14T01:38:50","slug":"apple-is-worth-almost-3-trillion-heres-how-it-can-get-there","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=22259","title":{"rendered":"Apple Is Worth Almost $3 Trillion. Here’s How It Can Get There."},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

\n Apple
\n is on track to become the first company with a $3 trillion valuation, but the journey there won\u2019t be easy.<\/p>\n

\n Apple
\n (ticker: AAPL) stock hit an all-time high on Monday at $183.79 a share. The stock previously reached a record close on Jan. 3 of $182.01 a share. <\/p>\n

\n Apple
\n stock has surged 41% this year, giving the company a market capitalization of $2.89 trillion. The stock would have to close above $190.73 a share to hit the record $3 trillion market cap, according to Dow Jones Market Data.<\/p>\n

\n

Shares of Apple have continued to climb along with other technology stocks this year. The tech-heavy
\n Nasdaq Composite
\n index has jumped 29% in 2023. But the performance of Apple\u2019s stock can also be attributed to solid earnings following stronger-than-expected sales of its iPhones, and excitement around new products announced at the company\u2019s Worldwide Developers Conference.<\/p>\n

Moving ahead, there are several catalysts that can help drive Apple shares higher and push the market cap to $3 trillion. <\/p>\n

In a research note on June 7, Wedbush analyst Dan Ives\u2014who rates the stock Outperform with a $220 price target\u2014said he believes about 250 million iPhones haven\u2019t been upgraded in more than four years, which \u201csets Apple up for a major installed-base upgrade cycle heading into this anniversary 15-year release.\u201d The iPhone is the largest revenue driver for Apple, and successful sales of the smartphone would keep investors confident in the tech giant\u2019s performance.<\/p>\n

But inflation is still at historic highs and consumers are continuing to feel the pinch. Apple has had successful sales despite the uncertain economic environment, which raises the question\u2014how long will that last?<\/p>\n

It recently announced new gadgets including the Vision Pro headset, priced at $3,499. While the goggles could bump up sales, they more importantly give the company a foothold in the virtual-reality space\u2014on which tech giant
\n Meta
\n has bet big. Apple is proving its technological capabilities in a competitive environment.<\/p>\n

However, some analysts still have concerns. Ita\u00fa BBA analysts wrote in a research note on June 5: \u201cWe see the launch of Apple Vision Pro as a potential game-changer for the company in the long term, but it could take some time for these revenues to become relevant.\u201d They rate the stock Underperform, with a $140 price target.<\/p>\n

Apple is also trading at 28.6 times forward earnings, which is above its historic average of 22.7 times. The stock was down 0.3% Tuesday to $183.31 as investors watched closely to see whether the market cap of the iPhone maker can hit the $3 trillion mark.<\/p>\n

Write to Angela Palumbo at angela.palumbo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Apple is on track to become the first company with a $3 trillion valuation, but the journey there won\u2019t be easy. Apple (ticker: AAPL) stock hit an all-time high on Monday at $183.79 a share. The stock previously reached a record close on Jan. 3 of $182.01 a share. Apple stock has surged 41% this […]<\/p>\n","protected":false},"author":1,"featured_media":18639,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-22259","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nApple Is Worth Almost $3 Trillion. Here's How It Can Get There. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Apple is on track to become the first company with a $3 trillion valuation, but the journey there won\u2019t be easy. 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