Apple crosses $800bn market value

This file photo taken on September 17, 2012 shows the Apple logo on the Apple store on 5th Avenue in New York. Wall Street stocks jumped early October 10, 2016 with Apple gaining on news of more trouble with rival smartphone-maker Samsung and petroleum-linked shares advancing on higher oil prices. Apple rose 1.6 percent as Samsung Electronics acknowledged it was adjusting production of the Galaxy Note 7 smartphone due to reports that replacement units for devices with exploding lithium-ion batteries are also catching fire.

Apple Inc., the maker of iPhone and Mac computers has become the first company to cross the $800 billion market value threshold after a rise in stock price early in the week.

Considered the world’s most valuable company, Apple shares on the Nasdaq exchange rose in midday trading Monday to a high of $153.70 per share. Multiplied by 5.21 billion outstanding shares, the company’s value was briefly above $800 billion.

At the close of trading, Apple stood at $153.01 per share, or a market capitalisation of $797.7 billion.

Apple’s 2.7 percent increase on Monday came after a positive research note from Brian White of the investment firm Drexel Hamilton, which suggested an eventual price target of $185 to $202 per share for Apple stock. If the stock price increases to $202, Apple would cross the trillion-dollar threshold.

White said the valuation “has been depressed for years as investors grew concerned that Apple would fall victim to the missteps of consumer electronic companies in of the past.” He added, though, that the company “has proven its resilience through its unique ability to develop hardware, software and services that work seamlessly together.”

Apple’s stock prices have been elevated by a recent rally on Wall Street. The Nasdaq 100 index of the stock exchange’s 100 largest non-financial companies closed at a record high on Friday.

Alphabet, the parent company of Google Inc., is valued at $653 billion and is the second most valuable company. Microsoft Inc. is third at $532 billion.