BIG APPLE: VALUE HITS $800B
During Monday’s trading, Apple’s market value blew past $800 billion, as investors shook off concerns raised by last week’s so-so earnings report. That means Apple is still the world’s most valuable public company. At the closing bell, shares were at $153, up 2.7%, after peaking at $153.70.
Tim Cook was apparently persuasive in his contention following the quarterly report that the slowdown in iPhone sales was due primarily to consumers waiting for the iPhone 8, expected in September. And it certainly didn’t hurt that Warren Buffett just called the iPhone "a very, very, very valuable product."
Wall Street analysts have upped the stock's 12-month price target nearly 30 times during the first week of May, according to CNBC, sourcing FactSet for the info. Drexel Hamilton’s Brian White today increased the price target to $202 a share, which would put Apple over the $1 trillion mark.
"What we're starting to see here are dark clouds around this valuation of Apple—which has been with the company for several years—starting to part ways," White told CNBC's Fast Money: Halftime Report after releasing the new target figure.
