Apple's Market Cap Surges Towards $3 Trillion Milestone
According to Dow Jones Market Data, Apple is on track to close with a market capitalization above $3 trillion for the first time since August 3. The iPhone parent's shares have surged 2% to reach $193.18, which would mark the highest closing value since August 1. In order to hit the significant $3 trillion milestone, the stock would need to close at $192.89.
Positive Outlook for Apple's App Store Revenue
Recent analysis by BofA Securities analyst Wamsi Mohan reveals promising data on Apple's App Store revenue. Mohan states that the company's App Store revenue has increased approximately 11% in the fiscal first quarter to date, based on SensorTower data. Notably, in November, App Store revenue in China experienced an 8% year-on-year growth, following a 10% increase in October. These numbers indicate a positive trend for Apple, particularly considering the previously highlighted ban on iPhones at government locations in China.
Neutral Rating Maintained despite Positive Indicators
While this data suggests a favorable outlook for Apple, Mohan has chosen to maintain his Neutral rating on the stock. He highlights that although positive catalysts such as new product introductions and stable iPhones exist, they may be offset by a potentially weaker consumer spending environment.
Overall, Apple's stock performance continues to impress as it approaches the remarkable $3 trillion market cap milestone.
