Apple market valuation once again reaches $3 trillion
Apple has regained its market valuation of $3 trillion as shares opened on Friday at $191.78.
Apple became the world’s first-ever $3 trillion company last year, but it failed to close at that level.
“The Apple bears and skeptics continue to scratch their heads as many have called for Apple’s ‘broken growth story’ this year in a tougher backdrop to which we firmly believe the exact opposite has happened with Cupertino heading into a massive renaissance of growth over the next 12 to 18 months,” Dan Ives, a senior equity research analyst at Wedbush Securities, said in a note Friday.
“In our opinion the Street has severely underestimated the massive installed base upgrade opportunity around iPhone 14 and now a mini super cycle iPhone 15 ahead with roughly 25% of Apple’s golden customer base not upgrading their iPhones in over 4 years,” he added.
Shares of Apple are up about 47% year to date.