Apple Inc shares rose more than 6 percent on Wednesday, pushing the iPhone maker...
- Apple Inc shares rose more than 6 percent on Wednesday, pushing the iPhone maker’s market valuation back towards $1 trillion as its quarterly report and upbeat forecast calmed investors worried about slowing growth.
Apple first breached the trillion-dollar valuation in August last year, but later gave up the gains as signs emerged of weak demand for its newest iPhones, especially in China, the world’s biggest smartphone market. The company’s last regulatory filing in January showed there were more than 4.715 billion shares outstanding at the end of December and a formal quarterly filing expected later on Wednesday should give an even lower number.
At least eight brokerages hiked their price targets on the stock, with Jefferies making the most aggressive move by raising its target by $50 to $210.
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