15th November, 2019
Apple is now valued more than the entire US energy sector, according to analysts at Bank of America Merrill Lynch.
The tech giant closed Thursday with a $1.17 trillion market cap, maintaining its position as the world’s most valuable public company.
In contrast the S&P 500 Energy index closed with a $1.13 trillion market cap, dragged lower by ExxonMobil, Chevron, and ConocoPhillips.
The iPhone-maker’s stock surged after impressing investors with its fiscal fourth-quarter earnings. Apple topped Wall Street’s estimates for both revenue and profits as its wearable products and online services offset slowing iPhone sales.
The company is up about 8% since the October 30 report and posted a record-high close Wednesday.
Despite Apple’s strong momentum through 2019, BAML analysts said it still has room to grow.
The tech giant is “on course for 82.6% gain” through the end of the year, the team led by chief investment strategist Michael Hartnett wrote.
The company traded at $263.87 at 9:05 a.m. ET Friday, up roughly 0.47% from Thursday’s close.
Apple has 27 “buy” ratings, 14 “hold” ratings, and seven “sell” ratings from analysts, with a consensus price target of $255.83, according to Bloomberg data.–Market.businessinsider.com