Apple, the world’s most valuable company, on Tuesday is on pace to close at or above a $3 trillion market value for the first time since August 3rd. The first time Apple closed with a market cap that high was on June 30th.
As of 1:45pm ET, Apple’s market value stands at $3.002 trillion.
Angela Palumbo for Barron’s:
Apple stock was rising and on track to close with a market capitalization above $3 trillion on Tuesday.
Recent commentary from BofA Securities analyst Wamsi Mohan might be helping to push shares higher on Tuesday. Mohan, who rates the stock as Neutral with a $208 price target, wrote in a research note that according to SensorTower data, Apple’s App Store revenue is up about 11% in the fiscal first quarter to date.
“For the month of November, App store revenue in China increased 8% y/y after increasing 10% y/y in October,” Mohan said.
MacDailyNews Take: Onward and upward, Cupertino soldiers!
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$3.008 trillion after closing, to be exact. Steve would be pleasantly surprised and it likely would be even another 25% higher if he were still captain of the ship.