$150 mark for the first time ever, after factoring in a
split in 2014, giving the company a record-high market cap of
nearly $790 billion. That means Apple is just over $200 billion
away from becoming the world’s first trillion dollar company.
Google Finance shows Apple flirting with the $800 billion mark
today, but the tool appears to be overcounting the company’s
number of outstanding shares, which totaled 5,225,791,000 as of
last quarter. Apple’s outstanding shares have declined as the
company continues its share buyback program.
Apple’s stock price will actually need to hit around $153 based
on basic outstanding shares, or around $152 based on diluted
outstanding shares, for a true $800 billion capitalization.
Either way, it’s close.
Apple’s stock has been on an impressive run since dropping to
as low as $89.47 in 2016, when the iPhone maker reported its
decline in annual revenue since 2001, and its first drop in
iPhone sales ever.
Apple analyst Brian White of Wall Street investment firm Drexel
Hamilton continues to believe Apple “remains among the most
underappreciated stocks in the world,” with “attractive upside”
for investors. White raised his 12-month price target for
Apple’s stock to $202 today, up from an already bullish $185.
An excerpt from White’s research note, distributed today and
obtained by MacRumors:
Apple’s valuation has been depressed for years as investors
grew concerned that Apple would fall victim to the missteps of
consumer electronic companies of the past. However, Apple has
proven its resilience through its unique ability to develop
hardware, software and services that work seamlessly together.
We believe this positions Apple very well to capitalize on the
trend toward more “things” becoming a computer.
White’s price target implies that Apple could become
the world’s first trillion dollar company within the next year.
Apple shares trading for $202 would currently give the company a
market cap of around $1.05 trillion.
Over a dozen prominent Wall Street analysts remain
upbeat about Apple’s stock price heading into the second
half of the year, with lots of excitement surrounding the
significantly redesigned “iPhone 8” expected
to launch in the fall. The smartphone’s sales may be boosted by
a large “supercycle” of users due to upgrade.
Apple’s stock had briefly declined to as low as $144.27 last
week after its second
quarter earnings results fell slightly below
Wall Street expectations, but the drop proved to be only a
on the radar.