Apple is closing in on the coveted one trillion mark
as the shares of the iPhone maker rallied Tuesday after shares are making a
serious run at making the company worth $700 billion.
The company’s shares are up $1.19, or 1%, to $117.65
helping it to hit a never-before-seen value of $690 billion.That’s more
valuable than any other company in the S&P 500. Microsoft is Number 2 at
$409 billion.
The breathtaking run in the stock is getting to
levels that are starting to catch attention. For one thing, trading at $117.65,
the stock is less than 1% away from analysts’ 18-month price target on the
stock of $118.88.
Perhaps even more alarming is the fact that Apple is
now trading for 18.1 times its trailing diluted earnings per share before
extraordinary items. That’s just above the 18.03 valuation the stock hit in
April 2012 when the stock fell apart.
Will Apple be another overhyped stock that fell apart on the way to $1 trillion? Or is this time different? Investors have a trillion reasons to want to know.
Will Apple be another overhyped stock that fell apart on the way to $1 trillion? Or is this time different? Investors have a trillion reasons to want to know.
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