Shares of Apple jumped more than 1% to a fresh all-time high of $192 in morning trading and are now up nearly 55% this year. Now valued at $3.02 trillion, Apple remains the only $3 trillion company in history.
Market capitalization soared past $3 trillion last Friday, a historic milestone as the world’s largest company continues to grow even larger.
Shares of the iPhone maker jumped more than 1% to a fresh all-time high of $192 in morning trading and are now up nearly 55% this year.
Apple is nearly $500 billion more valuable than the next-largest company, Microsoft ($2.5 trillion market cap), while Saudi Aramco ($2.1 trillion), Alphabet ($1.5 trillion), Amazon ($1.3 trillion) and Nvidia ($1 trillion) round out the exclusive trillion-dollar club.
Even after the meteoric rise, Apple can gain another 25% over the next 12 months, Citi analyst Atif Malik wrote in a Friday note, setting a $240 price target for the stock thanks to an underappreciated room for growth in profit margins.
Forget $3 trillion—Apple could be worth $4 trillion by 2025, bullish Wedbush analyst Dan Ives wrote in a Wednesday note to clients. The company’s $3,499 headset set to release next year “is the first step in a broader strategy for Apple to build out a generative AI-driven app ecosystem for its golden customer base,” Ives gushed.
Wedbush has a $220 price target for Apple stock, above consensus but below Citi’s $240 target, which is the highest of any Wall Street firm, according to Bloomberg.
Apple’s stock has skyrocketed nearly 46% this year. The company’s stock market success this year is a stark contrast from 2022. Earlier this year, Apple’s market cap fell below $2 trillion in trading for the first time since early 2021.
Apple posted stronger-than-expected quarterly earnings in May, even though the tech giant’s sales and profit declined. The company’s results reinforced its reputation among investors.