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Apple woos investors with China gain, market value nears $1 trillion

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Apple shares rose 4.4% after the company calmed Wall Street nerves with an improvement in sales in China

Customers walk past an Apple logo inside of an Apple store at Grand Central Station in New York. The company is set to become the first trillion-dollar company.

“We were especially pleased with the double-digit increase in Services driven by strong growth from the App Store in China,” Chief Executive Tim Cook told a conference call after the results. At least 11 of the 43 brokerages who rate Apple shares raised their price targets for the stock, with Citigroup raising it by $45 to $250. The median of current recommendations is $217.

In mainland China, Cook said the overall number of Apple device users had grown in the fiscal third quarter, driving a more a rise in services sales by the company in the world’s second largest economy.

 

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