What you need to know
- Apple shares crossed the $300 mark today on the first trading day of the year.
- This puts the company a third of the way towards its next trillion-dollar valuation.
- Analysts predict that the stock could hit $400 by the end of the year.
The stock market may have been closed on New Years Day, but it didn't stop Apple from growing its stock value. Reported by 9to5Mac, Apple's stock hit a new milestone on the first trading day of 2020. Shares of AAPL crossed the $300 mark, doubling the company's share price of $142 from back in January of 2019. This new value gives Apple a new market capitalization of 1.33 trillion dollars.
The new valuation was attained after the company's stock gained 2.3% during the first trading day of the new year, crossing the $300 mark and ending the day at $300.35. This led the company to a new market capitalization of 1.33 trillion dollars, pushing Apple a third of the way to its next trillion-dollar valuation.
Today, analyst Gene Munster went on CNBC and said that the company could reach $400 per share by the end of 2020. He attributed his prediction to the slew of expected new iPhones as well as Apple's growing wearables lineup.
"In 2020, there's going to be five new iPhone models. Typically, that has a benefit to revenue ... the two additional models are likely going to be slightly lower-priced, SE models that really hit the heart of the phone market."
This speculation isn't unwarranted. Apple ended last year accounting for 8.2% of the S&P 500's total gains. With Microsoft coming in a close second at 6.6%, the two companies earned more than the next eight biggest contributors combined.