Apple's Stock Soars to New Heights: Market Cap Hits $1.1 Trillion as Analysts Eye Further Gains
AInvestSaturday, Oct 5, 2024 10:00 am ET
1min read
AAPL --

Apple's stock price surged over 1% on Tuesday, achieving a new all-time high of $230. This follows a previous peak of $229.67 recorded on September 4. Approximately two months ago, Apple had become the first publicly traded U.S. company to reach a market value of $1 trillion.

At this latest stock price, Apple's market capitalization now stands at about $1.1 trillion. In the weeks following its trillion-dollar milestone, Apple introduced three new iPhone models, including the iPhone XS, and the Apple Watch 4.

In recent years, Apple's services—such as the App Store, subscription services, and music offerings—have been crucial growth drivers. However, analysts have recently suggested that Apple's hardware sales might see a boost.

According to Timothy Arcuri, an analyst at UBS, Apple's hardware should be seen as recurrent business. He noted that the iPhone remains unparalleled in the high-end market, having achieved an aspirational brand status, with limited competition outside emerging markets.

Arcuri set a price target of $250 for Apple's stock, although some analysts believe the stock might have reached its peak. The average price target among analysts suggests a slight increase to $233, which is just 1.3% above Tuesday's closing price.

Apple's stock has risen by 34% this year, reflecting investor confidence in the company's ongoing innovations and market strategies.

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