Technology group Apple traded at a record high on Monday with many pointing to Berkshire Hathaway chairman Warren Buffett’s iPhone praise over the weekend, calling it a “very, very, very valuable product”.
The share price move also pushed Apple’s market cap past the $800bn mark, raising further interest as to which company will break the one trillion dollar mark first.
With Alphabet (Google) its closest competitor sitting on $650bn, one could argue it’s Apple’s to lose.
In an interview on CNBC’s Fast Money: Halftime Report, Drexel Hamilton analyst Brian White said “the dark clouds around this valuation of Apple – which has been with the company for several years – are starting to part ways.”
He also put a $202 price target on the stock, citing the iPhone 8, repatriation of foreign cash and new innovations on the horizon fuelling this upside.
With the current number of shares in issue, $191.79 is the magic number. And if White’s analysis bears fruit, 2017 could be the year the $1-trillion mark is reached.
