AAPL Hits All-Time High, Market Cap Surpasses $2.8 Trillion
Apple’s stock price hit an all-time high today, reaching $171.58 per share, before closing at $171.18 after markets closed on Tuesday. Apple’s market cap now stands at $2.81 trillion dollars.
According to Morgan Stanley analyst Katy Huberty on Tuesday, she believes Apple’s share price will hit $200, up from a previous price target of $164 (via The Motley Fool).
“Today, we know that Apple is working on products to address two significantly large markets – AR/VR and Autonomous Vehicles – and as we get closer to these products becoming a reality, we believe valuation would need to reflect the optionality of these future opportunities,” said Huberty, referring to Apple’s self-driving car plans and apparent augmented reality products being developed.
Huberty increased her December quarter iPhone forecast to 83 million units, a 4% increase year over year, as she says Apple’s supply constraints have improved since September. She also believes App Store revenue will also outperform expectations.