Apple Becomes First U.S. Company to Reach $3 Trillion Market Cap﻿

Apple briefly hit a market cap of $3 trillion during intraday trading on Monday, before dropping back under the mark shortly afterwards. Apple broke the barrier when its share price hit $182.86.

Apple rose 2.5% on Monday to close at $182.01, just missing closing the trading day at the $3 trillion mark.

The milestone is mostly symbolic but it shows investors remain bullish on Apple stock and its ability to grow. At a market value of $3 trillion, Apple tripled its valuation in under four years. And analysts see plenty of room to run.

Apple showed annual growth across all of its product categories in its fourth-quarter earnings, with revenue up 29% year-over-year. While the iPhone is still the biggest sales driver, Apple’s services business grew 25.6% year-over-year and delivered more than $18 billion in revenue during the quarter.

In December, for example, Morgan Stanley’s Katy Huberty raised the firm’s price target on Apple from $164 to $200, and maintained the equivalent of a buy rating, arguing that new products like virtual reality and augmented reality headsets aren’t yet baked into the share price.

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Source: CNBC

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