Apple Inc Chief Executive Tim Cook recently suppressed apprehensions about low demand for the newest smartphone iPhone X, stating that pre-orders for the 10th anniversary release were “off the charts,”. Now it may be Apple’s market capitalization that will blow us away.
Apple’s stock is approaching record highs , bringing it closer to becoming the first publicly listed company that has a stock market value above $1 trillion. The iPhone X will be released November 3 with a price tag starting at $999 for its base model, the most expensive iPhone yet.
Early reviews of the iPhone X name it the best iPhone yet, while some reviews are directed to malfunctions in FaceID, the company’s new face recognition system.
But Cook last week said pre-orders of the iPhone X were “off the charts”, while the company’s website showed delivery times pushed out to five to six weeks for the phone.
On Wednesday, the company’s stock price was $166.89, down only 1.3 percent from a record high and the market capitalization stood at $862 billion.
Since 2007, Apple’s stock has surged nearly 1,300 percent. The stock has increased roughly 26 percent per year on a compound basis since the beginning 2007. Apple is on the track where it may reach a market capitalization of $1 trillion in 2018.
The mean target price the financial analysts working on Apple was reported at $176.70, equivalent to a market value of $913 billion.
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Many analysts have target prices for the company that put its market value exceeding $1 trillion, one in particular has a target price of $208, equivalent to a market capitalization of $1.074 trillion. Another analyst, least enthusiastic about the comoaby had a price target of $140. No analysts has recommened selling the company’s shares.