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Apple’s Market Capital Surpasses $900 Billion Mark

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The iPhone maker has just become the first publicly traded U.S. company to reach a $900 billion market capitalization. As reported by MarketWatch, Apple passed the mark for the first time in intraday trade earlier today.

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Analysts believes the Cupertino tech giant has hit the milestone following its Q4 earnings report last week that showed optimism about the iPhone X launch and a recovery in many of Apple’s other businesses. The company sold 46.6 million iPhones with quarterly revenue of $5.2 billion, and international sales accounting for 62% of the quarter’s revenue.

Apple is by far the most valuable publicly traded U.S. company, as no other businesses have a market cap exceeding $800 billion. Alphabet Inc. surpassed $700 billion for the first time last month, becoming the second company after Apple to accomplish that. Apple stock has gained more than 50% this year, while the S&P 500 index has gained 15.7% and the Dow Jones industrial average DJIA, which counts Apple as a component, has added 19.1%.

Of the 37 analysts who cover Apple, 31 currently have overweight or buy ratings, five have a hold rating, and one has a sell rating. Analysts, on average, have a $190.13 target price on Apple, thirteen of which maintain a price target on Apple above $194.77.

The company’s shares reached a new intraday record high of $175.50 today to accomplish the feat, and must close higher than $175.29 to keep the $900 billion mark. 

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