Apple's valuation has crossed $1 trillion, thus becoming the first American public company to achieve it. The stock of Apple passed $207.04 a share and is at an all-time high of $208.38.
Apple is now up more than 20% this year. Apple on Wednesday reported earnings that topped forecasts, following which its shares surged.
Apple has rallied past the trillion level thanks to solid sales of the iPhone 8 and X - particularly in China and Japan - and surging services revenue from the App Store. Wall Street thinks Apple could go even higher. Thirteen analysts have a price target of above $225 per share for Apple. The most bullish, Brian White of Monness, Crespi, Hardt & Co., has a price target of $275 a share. That would value Apple at $1.3 trillion.
There has been a speculation in the market however that the iPhone maker should come up with a new product in order to keep up with sales and profits in a competitive market.
Apple is rallying fast to soon become a company to find its place in the trillion dollar club, benefiting from investor euphoria surrounding the tech sector broadly.
Amazon (AMZN), Google owner Alphabet (GOOGL) and Microsoft (MSFT) have all rallied to near record highs this year, too. Amazon is worth nearly $900 billion while Google and Microsoft are each now worth more than $800 billion.
Apple is not the first publicly traded company in the world to surpass the trillion dollar mark though.
Oil giant PetroChina (PTR) briefly topped a trillion dollar valuation in 2007 when its stock began trading in Shanghai, but shares quickly plunged afterward. PetroChina, which is also listed on the New York Stock Exchange, is now worth about $205 billion.
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