Apple Inc. (AAPL.US)Â is close to becoming the first-ever company to close with a market value of $3 trillion, as its stock is rising more than 1.8% on Friday, achieving a market capitalization of $3.03Â trillion. YTD return on Apple stocks hit 50%, adding more than $940 billion to the companyâs size. This milestone indicates the dominance of big tech companies.
Wall Street remains optimistic towards Apple stock as Citi started covering Apple with a buy rating, indicating a potential 30% additional upside, taking Apple near a $4 trillion valuation. Yet, the company's stock has exceeded the average analysts' price target suggesting limited anticipated gains at the current levels. Despite the impressive performance, concerns regarding Apple's valuation persist. It trades at 30 times its estimated earnings for the next 12 months, which is a premium to its long-term average multiple and also to the Nasdaq 100 Index.
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Apple's stock price (AAPL.US) has shown strength and positive momentum, with the current price of $192 marking a 1.76% increase for the day. The stock has surpassed its previous all-time high of $182, indicating potential upward movement and a break into new price territory. Supported by a blue line on the chart, the stock remains in a strong bullish trend, suggesting ongoing positive sentiment and demand among investors.
