'It speaks to its growth and scale,' analyst on Apple approaching $3 trillion market cap

Record ID: 1650255

  • Title: 'It speaks to its growth and scale,' analyst on Apple approaching $3 trillion market cap
  • Date: 9th December 2021
  • Summary: NEW YORK, NEW YORK, UNITED STATES (DECEMBER 9, 2021) (REUTERS) (SOUNDBITE) (English) OPPENHEIMER & CO., EQUITY RESEARCH, SENIOR ANALYST, MARTIN YANG, SAYING: "Because they are not the only one with a trillion number in a market cap, so Microsoft is very close. So, when in the past, I think very few investors were expecting certain companies to surpass the trillion doll
  • Embargoed: 23rd December 2021 17:54
  • Keywords: $3 trillion market cap Apple Apple app store. Oppenheimer COVID-19 China Coronavirus Martin Yang Tim Cook ad earnings iPhone13 profit results retail revanue sales
  • Location: NEW YORK, NEW YORK, UNITED STATES
  • City: NEW YORK, NEW YORK, UNITED STATES
  • Country: USA
  • Topics: Company News Markets,Economic Events,United States
  • Reuters ID: LVA007F7BIAFB
  • Aspect Ratio: 16:9
  • Story Text: Apple was within striking distance of a $3 trillion (USD) market capitalization on Thursday (December 9), a milestone that would make it as big as the world's fifth largest economy after Germany, just over a year after breaching the $2 trillion mark.
    Shares of Apple were up 1.6% at $174.
    They need to trade at $182.85 to hit the mark and cap a strong rally that has been powered by investors betting on its brand and viewing it as a comparative safe haven.
    The stock has jumped about 30% this year on top of an 80% surge in 2020. In comparison, the S&P 500 has risen 25% for the period.
    Its peers in the trillion-dollar club - Microsoft, Amazon, Alphabet and Tesla - have all gained between 10% and 70%.
    Apple hit the $1 trillion in market capitalization in 2018 and took two years to double that valuation.
    The stock has already breached Wall Street's median price target by $4, with a majority of analysts covering the stock rating it "buy" or higher.
    Apple briefly lost its title as the most valuable company to Microsoft Corp earlier this year after CEO Tim Cook's comments on supply chain woes and the struggle to procure semiconductors and components to make smartphones and laptops.
    Microsoft is about $500 billion short of reaching $3 trillion in market capitalization.
    (Production: Aleksandra Michalska)
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