Apple now accounts for close to 7 per cent of the S&P 500’s total market value. Its market capitalisation is about equal to the combined values of the S&P 500’s 200 smallest companies. — Reuters pic
Buoyed by bets on the long-term success of the country’s biggest tech names in a post-coronavirus world, Apple’s shares have surged since blowout quarterly results in July that saw the iPhone maker eclipse Saudi Aramco as the world’s most valuable listed company. Apple’s stock is up about 57 per cent so far in 2020.
However, Apple’s recent stock rally has left it potentially overvalued, according to a widely used metric. The stock is trading at over 30 times analysts’ expected earnings, its highest level in more than a decade, according to Refinitiv. Apple’s revenue grew across every category and all of its geographical regions in the June quarter, even as the coronavirus crisis caused the US economy to contract at its worst rate since the Great Depression.
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