Apple briefly crossed $3 trillion in market cap in intraday trading on Monday and Tuesday, becoming the first publicly traded U.S. company to hit this milestone. Apple shares increased 2.5% to close at $182.01 on Monday, with total market capitalization at $2.986 trillion. Zacks Investment Research believes that Apple’s 2022 prospects remain strong.
Aniruddha Ganguly for Zacks Investment Research:
Apple reached $1 trillion in market capitalization in mid-2018 and achieved a $2-trillion valuation in August 2020, becoming the first U.S. company to achieve that milestone.
Apple shares have returned 166.4% since Feb 28, 2020 in contrast to Alphabet’s, Microsoft’s, Amazon’s and Meta Platform’s returns of 116.6%, 106.7%, 81% and 75.9%, respectively. Apple shares have also outperformed the Zacks Computer- Mini Computers industry.
Apple’s 2022 prospects remain strong thanks to a continuous iPhone upgrade cycle and strong growth of the Services business…
Apple is now expected to manufacture 259 million iPhones in 2022, up 9% year over year, per estimates by Mizuho Securities analyst Yasuo Nakane. Other notable expectations are a new 27-inch iMac powered by Apple Silicon, a redesigned MacBook Air, a new generation of iPad Pro and Apple Watch that promises a new design, body temperature sensor, as well as new additional health and fitness tracking. Apple’s augmented-reality headset is the most anticipated product in 2022.
Apple currently has more than 745 million paid subscribers across its Services portfolio.
Technovanguard Take: Of course, AAPL will bobble around a bit as always and especially as the shorts comes out in force to try to talk down the stock ahead of the company’s fiscal Q122 (holiday quarter) earnings report due at month’s end.
Own it. Don’t trade it. Buy when the opportunities present themselves.
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[Thanks to Technovanguard Reader “Fred Mertz” for the heads up.]
The post Zacks: Apple’s 2022 prospects remain strong appeared first on Technovanguard.
