“Wall Street analysts rushed to raise their stock price targets on Amazon.com Inc. after the e-commerce giant reported blowout second-quarter results, and now project the company to be the first to crack the $1 trillion market-capitalization mark,” Tomi Kilgore reports for MarketWatch.
“The average price target of the 48 analysts surveyed by FactSet increased to $2,076.83, up from $1,892.66 at the end of June,” Kilgore reports. “With 487.74 million shares outstanding, that would peg Amazon’s market cap at $1.01 trillion.”
“The average price target for Apple Inc. is $201.79,” Kilgore reports, “which would represent a market cap of $991.87 billion, based on 4.915 billion shares outstanding as of April 20.”
Read more in the full article here.
MacDailyNews Take: In related news, analysts’ concensus predicted the demise of Apple twenty years ago.
Analysts don’t even know how many AAPL shares are outstanding, so projecting Apple’s market cap is a fool’s errand.
Note: Apple reports Q318 results on Tuesday, July 31, 2018, at market close. Check our homepage right around 1:30pm PDT / 4:30pm EDT next Tuesday for the results.
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