, already the most valuable company on the planet, on Friday saw its market capitalization climb past $3 trillion as the tech colossus reached a historic milestone.
The iPhone maker’s shares rose above $191/share in early trading June 30, pushing its market cap over $3 trillion. That’s more than theOn Jan. 3, 2022, Apple briefly topped $3 trillion in market cap during intraday trading — but shares suffered a 27% drop over the course of last year amid a macro-economic slowdown that triggered a broad pullback in tech stocks. In 2023, Apple shares are up more than 50% as Wall Street has once again turned bullish on big tech.
What’s also worth noting is that Apple is alone among the largest tech companies to not have undertaken mass layoffs in the wake of the 2022 doldrums. Microsoft’s market cap is currently around $2.5 trillion, while Alphabet is at $1.5 trillion, followed by Amazon at $1.3 trillion and Meta at $729 billion.
“We believe Apple’s fair valuation could be in the $3.5 trillion range with a bull case $4 trillion valuation by FY25,” Ives wrote. 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” for
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