Apple Nears $2 Trillion Dollar Value, Analysts Bullish
iPhone manufacturer Apple is nearing a historic US$2 trillion valuation, after shares spikes and extended a recent advance – almost double their March low.
The news comes after the Cupertino giant reported better-than-expected Q2 results, with many retail investors expressing positive sentiments over a planned stock split.
Apple notched a US$1.9 trillion valuation after market close, with shares to climb just over 5% in order to exceed a historic US$2 trillion milestone.
Reported by Bloomberg, Wedbush Securities raised its price target for Apple, adding there was “a lot more fuel left in Cupertino’s tank heading into 2021.”
Apple is currently the world’s most valuable company, with a steady lead over Microsoft and Amazon.
Despite the economic impact of the coronavirus pandemic, the combined weight of Apple and Microsoft has notched a multi-decade high according to data from Bloomberg and S&P Dow Jones Indices.
Some analysts claim whilst there are many positives for the iPhone manufacturer, growth may not be sustainable amidst other risks.