AAPL Hits Intra Day High of $150 Per Share, Reaches $US2.5 Trillion Market Cap

AAPL stock went as high as US$150 per share on Thursday, having opened at US$14.9.24. It all meant that, for a time, Apple was worth US$2.5 trillion dollars.

AAPL Becomes $US2.5 Trillion Company

Ultimately, AAPL stock closed at US$148.48 meaning the market cap was a mere $US2.47 trillion. There may be good reason for the bullishness. Bloomberg News reported that Apple has asked suppliers to build 90 million iPhone 13 units. Initial orders of previous generations of iPhones have been set at around 75 million units. Furthermore, Barrons reported on a variety of positive notes from Wall Street analysts. J.P. Morgan’s Samik Chatterjee wrote that he believes that there is “a path to Apple outperforming investor expectations over a longer time horizon rather than just the upcoming earnings print.” Furthermore, Citigroup’s Jim Suva maintained his Buy rating and $170 price target for AAPL.

He wrote:

Our independent research shows that many iPhone users are purchasing Apple’s newly launched AirTags and purchasing them in the 4 packs for $99 versus single purchases for $29. We note accessories have even higher margins and Apple’s world-class marketing is not only upselling additional accessories but also resulting in a network effort of users freely advertising to other users, thereby creating a virtuous cycle which is only starting. All of this is only possible due to the Apple platform of exceptional integrated user experience and privacy.

Apple became the first U.S. company to be worth US$2 trillion company on August 19, 2020. It then hit a new record market cap of US$2.2 trillion a few days later, following a stock split.