On Wednesday, Apple shares closed down 1.07% to $194.83
The Zhitong Finance App learned that Apple (AAPL.US) became the first company with a market capitalization exceeding 3 trillion US dollars this year, while Wedbush analysts predict that the iPhone manufacturer's market capitalization may reach 4 trillion US dollars in 2024.
As the company with the highest market capitalization in the US, Apple's market capitalization exceeded 2 trillion US dollars when it closed for the first time on August 20, 2020. After 719 trading days, on June 30, 2023, its market capitalization reached $3 trillion.
However, as inflation remains high and competition with lower-priced smartphones continues, analysts are concerned about demand for iPhones, and the tech giant has been struggling to maintain this milestone. On December 5, the company's stock price once again exceeded 3 trillion US dollars because after it released its fourth quarter earnings report, the stock price continued to rebound.
Wedbush analyst Dan Ives predicts that by the end of 2024, Apple's market value will reach 4 trillion US dollars. This reflects his view that there are about 220 million to 230 million iPhones that can be upgraded in 2024.
Ives gave Apple stock an “outperforming market” rating and set a target price of $250. On Wednesday, Apple shares closed down 1.07% to $194.83. This year, the stock has already risen 52%.
Apple's current market capitalization is around $3.1 trillion. To reach the $4 trillion market capitalization milestone, it would need to close at $257.19 per share or higher. This is 30.6% higher than Tuesday's closing price.