Apple’s relentless rally puts $3-trillion valuation in view
has brought it back to the brink of a historic threshold: a US$3-trillion market valuation.
“In my career, I never envisioned a company of this size, but then I never envisioned a company capable of generating more than $100-billion in free cash flow in a year,” said Patrick Burton, a portfolio manager of the MainStay Winslow Large Cap Growth Fund, which owns nearly 4.5 million shares of the Cupertino, California-based firm, as of the latest data. “When you look at the underlying metrics, it’s understandable why Apple has done so well.
While Apple briefly rose above $3-trillion in early 2022, it failed to close above that level, and the peak marked the start of a downtrend that resulted in a 27% drop that year as investors fled tech stocks amid soaring interest rates. Should Apple achieve the milestone, it would be the first to do so. Currently, at $2.76-trillion, it is bigger than the entire Russell 2000 index.Apple’s results this month underlined the bull case.
“Apple is just as likely to perform well in a risk-on environment as a risk-off one,” said Sylvia Jablonski, CEO of Defiance ETFs. “You can’t expect 20-30% returns from here, but I’d rather park my money here than in a treasury. There is a lot of opportunity for growth even in a tough market, and it pays a dividend, buys back a ton of stock and has this incredibly strong balance sheet, all of which is attractive to investors.
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