Dec 9, 2021: Apple Inc. is within a striking distance of $ 3 trillion market capitalization, a milestone that will make it as big as the world’s fifth largest economy Germany, just over a year after crossing the 2 trillion mark.
Shares of Apple rose 1.6 percent to 174. They need to trade at $ 182.85 to reach the mark and limit a strong rally that investors have seen betting on its brand and seeing it as a relatively safe haven. The stock has grown by almost 30% from an 80% increase in 2020 this year.
In comparison, the S&P 500 rating has risen 25% for the period. Its partners in the trillion-dollar club – Microsoft, Amazon, Alphabet and Tesla – have all benefited between 10% and 70%.
Apple hit the $1 trillion in market capitalisation in 2018 and took two years to double that valuation.
The stock has already breached Wall Street’s median price target by $4, with a majority of analysts covering the stock rating it “buy” or higher.
Apple briefly lost its title as the most valuable company to Microsoft Corp earlier this year after CEO Tim Cook’s comments on supply chain woes and the struggle to procure semiconductors and components to make smartphones and laptops.
Microsoft is about $500 billion short of reaching $3 trillion in market capitalisation.
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