What you need to know
- Apple's market capitalization has reached an all time high of $1.04 trillion.
- News comes as AAPL stock crossed $230 yesterday.
- AAPL has recorded growth of 43% YTD.
AAPL stock yesterday crossed the $230 share price threshold to set a new all-time market capitalization record of $1.04 trillion. The news comes off the back of extremely strong iPhone 11 performance since the release of the new device in September. The device is selling so well that Apple has had to increase production by up to 10%.
According to a report from Coinspeaker:
Already, AAPL has been crowned the best performing stock on the Dow Jones Industrial Average (DIJA) so far, as it has recorded YTD growth of over 43%. On Oct. 10, prices slightly crossed $230, setting a new dividend-adjusted all-time high and cemented a new market cap of $1.04 trillion.
The news marks what has been a frankly astonishing year for Apple's stock. Investors and analysts left and right have issue ever-increasingly bullish predictions about the target share price for Apple, with one firm, Canaccord Genuity issuing a target price of $260!
The moment AAPL achieved its new Market Cap record
The news comes in advance of Apple's earnings called planned for 30 October, 2019, where the consensus EPS forecast for earnings per share is set at $2.83, according to Nasdaq.
Whilst is there is some trepidation that tariffs could weigh down on Apple's iPhone unit sales in December, the overall outlook for Apple and its cash pile looks pretty fantastic.