Can Apple breach the US$1tril level?
CUPERTINO (California): At US$830 billion (RM3.4 trillion), Apple Inc’s stock market value on the day of its newest iPhone launch towers over its nextlargest rival and has Wall Street asking: Will it be the first listed company to crack the Big T?
If history is any guide, the unveiling on Tuesday of the iPhone X — the 10-year anniversary edition of Apple’s ubiquitous device — signals that the US$1 trillion milestone could well be breached within the year.
Apple shares on average have gained 33 per cent in the year following each of its previous iPhone launch events, dating back to the first one on January 9 2007. It has gained in the following year after seven of the 10 announcements while falling in three.
From their current level, Apple shares need to gain 20 per cent to sport the world’s first 13-digit market capitalisation.
Of the 38 Wall Street analysts covering Apple, two have price targets for the stock that see it driving above the US$1 trillion level.
Meanwhile, Apple laid claim to the future of the smartphone with a 10th anniversary iPhone X, touting the device as the next generation of mobile computing.
The iPhone X was one of three new iPhone models unveiled at the first event at Apple’s new “spaceship” campus, as the tech giant sought to spark fresh momentum in a global smartphone market seeing slowing growth and tougher competition. Agencies