Apple became the first company to reach a market value of $ 3 trillion on Monday.
The maker of iPhones and Macs crossed the mark in the afternoon session on the first day of trading in 2022. The shares passed the $ 182.85 mark. According to the Dow Jones Market Data Group, Apple’s current market capitalization is higher than that of the weakest 184 companies in the S&P 500 combined.
Last month, Wedbush analyst Dan Ives referred to the upcoming milestone as a “watershed event,” noting that “the company continues to disprove doubters with the renaissance of Cupertino growth history,” according to a research note.
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In October, Apple CEO Tim Cook said demand for Apple products was strong despite what he described as “greater than expected supply restrictions”. Cook said the delivery problems cost the company an estimated $ 6 billion. The company reported iPhone sales of $ 38.87 billion, falling short of analysts’ forecast of $ 41.51 billion.
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Ives adds that despite the global chip shortage, iPhone 13 sales are higher than expected, with an estimated 40 million units sold during the holiday season. In both the US and China, demand is likely to remain strong through 2022.
Ives, who rates the stock above average, sees the stock hit $ 200, or maybe even $ 225.
Ray Wang, Founder and Chairman of Constellation Research, shares Ives’ view on the stock’s performance.
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“This is basically the iPhone factoring, updating the Mac with the M1 chip, all the other product derivatives that are coming, the service companies that are in the backend, and then you can possibly add a car and possibly the glasses to come.” he told FOX Business, adding that new products could push the stock up to $ 4 trillion.
Next, Microsoft. Its value is around $ 2.5 trillion.
The original article dated 12/13/21 has been updated.