AAPL.US shares hit another record high on Wednesday, with a market capitalization of more than $250 million and a market capitalization of as much as $149.57, becoming the first US listed company to reach a market capitalization of $2.5 trillion, up from $2,000bn last August, Capital Bond learned.
Apple shares rose 2.41% to $149.15 at the close of trading on July 14, with a market capitalization of about $60 billion overnight.
Apple shares fell 0.45% to $148.48 as of July 15, with a recent market capitalization of $2.4778 trillion.
Previously, a number of investment banks are optimistic about the development of Apple.
JPMorgan Chase analyst Samik Chatterjee raised Apple's share price target to $175 a share from $170 and put Apple on the "analyst watch list." He said the recent strong sales prospects for iPhone and Macbook could make Apple better than expected in the long run.
Credit Suisse said it expects iphone sales to reach 234 million this year, 237 million in 2022 and 249 million in 2023. Apple no longer reports iphone sales, but its second-quarter results showed iPhone revenue of $47.94 billion, up 65.5 per cent from a year earlier.
Citigroup said it maintained Apple's "buy" rating with a target share price of $170, thanks to huge demand for personal computers, smartphones and wearables in the end market. In addition, Citi raised its forecast for Apple's earnings per share for fiscal 2021 to $5.33 from $5.18.
Citigroup analyst Jim Suva believes Apple's valuation is reasonable because its revenue growth is accelerating. The rise in share prices is driven by fundamentals, such as increased sales, profits and cash flow.
Apple's net revenue in the second quarter of fiscal 2021 was $89.584 billion, up 54% from a year earlier, while net profit was $23.63 billion, up 110% from a year earlier.