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Apple path to $1 trillion accelerates

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Apple Inc. is inching ever closer to a $1 trillion market capitalization after its latest earnings beat.

Shares of the smartphone giant hit a new intraday high in Wednesday morning’s trading and are up 5.3%, to $200.31, in the session. Using Apple’s most recently disclosed share count of 4.84 billion from the earnings report, Apple’s stock would need to trade at $206.49 for the company to achieve a $1 trillion valuation. However, Apple is likely to give a more up-to-date share count in its next 10Q, expected out later today, which could show a reduction in the number of shares from the previous 10Q’s 4.92 billion.

“We believe Apple’s strong software capabilities, expanding services business and unique digital ecosystem at large will increasingly be appreciated by investors, driving Apple toward the $1 trillion market cap milestone,” wrote Monness, Crespi, Hardt & Co. analyst Brian White, who raised his price target to $275 from $235.


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