AAPL stock closes at new record high after adding $1 trillion to market cap this year

Apple as a company is doing alright. The firm’s stock just closed at an all-time high, valuing Apple at more than $3 trillion. That puts the market cap value add for 2023 over the $1 trillion mark. Not bad.

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Will the company keep the lights on for another year? Seems likely. How about becoming the first publicly traded company to reach a $4 trillion valuation? Wedbush analyst Dan Ives thinks so (via The Street):

oosting his price target to $250 from $240 in a Sunday note, Ives said that a boost in iPhone sales could be a boon to the stock. 

“With roughly 240 million iPhones in the window of an upgrade opportunity globally now at play for iPhone 15 and Services reaccelerating into [fiscal 2024], we view this as the golden opportunity to own Apple for the next year,” he wrote. 

Ives’s assumption centers on Apple beating Wall Street expectations of 220 million to 230 million iPhone deliveries for the year. 

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