Apple Was Briefly Worth over $800 Billion

Love or hate Apple, you have to admit that the company is a money making machine. This week Apple’s market capitalization crossed the $800 billion mark for a short time for the very first time. The brief stint at over $800 billion market cap came after a positive analyst report drove Apple’s shares up over 3% in midday trading according to Fortune.

During that brief high shares were trading at a record price of $153.70 pushing the market cap above $800 billion before falling back below that threshold. Shares closed for the day at $153.01 each giving the company a market value of $797.8 billion.

The market report that pushed the stock up to such high levels came from analyst Brian White of Drexel Hamilton. In that note the analyst raised his target price for Apple from $185 to $202 which suggested a market value of over $1 trillion for the company.

White wrote in his note, “[Apple’s] valuation has been depressed for years as investors grew concerned that Apple would fall victim to the missteps of consumer electronic companies of the past.”

White continued, “[Apple] has proven its resilience through its unique ability to develop hardware, software and services that work seamlessly together.”