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Apple Inc's Net Worth to Reach $824 Billion in 2017, Say Analysts

Apple's shares already soared more than 16 percent to fresh highs during the second quarter.

IANS

Updated:April 18, 2017, 11:33 AM IST
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Apple Inc's Net Worth to Reach $824 Billion in 2017, Say Analysts
Apple Touts Privacy Features of New Operating Systems. (photo for representation, image: REUTERS/Beck Diefenbach)
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Benefiting from its expensive 'plus' models and rising demands of its products, Apple Inc will be worth at least $824 billion this year, analysts have predicted.

Apple's shares already soared more than 16 percent to fresh highs during the second quarter but analysts are optimistic the stock has much more room to grow, MarketWatch reported on Monday.

Canada-based global investment bank RBC Capital Markets on Monday lifted its 12-month price target to $157 from $155 and reiterated an outperform rating.

That would increase Apple's market capitalisation to $824 billion from $740 billion currently. Apple's stock hit a record high of $144.77 on April 4, the report said.

RBC analyst Amit Daryanani also increased his March-quarter iPhone estimates and fiscal 2017 revenue estimates, saying trends indicate consumer preference for Apple's more expensive plus models, which have contributed positively to average selling prices.

While the company's third-quarter outlook "could come modestly below estimates" as consumers delay planned upgrades ahead of the iPhone 8 launch in September, its large installed base and attractive valuation make it worthy of investment despite muted expectations.

Also read: Apple, Airtel, MobiKwik, and Others Get Pulled Up Over Misleading Ads

Analysts at Pacific Crest Andy Hargreaves suggested that Apple is struggling with the optical fingerprint functionality expected on the OLED iPhone, which could lead to delays or the removal of it.

"While this creates some risk of production delays, at this point we do not believe it materially threatens volume through the coming iPhone cycle," Hargreaves was quoted as saying.

According to a report in USA Today, Apple co-founder Steve Wozniak believed that Apple, Google and Facebook will be bigger in 2075 and dominate the world.

Shares of Apple inched 0.6 percent higher to $141.12 on Monday. The company will announce its earnings for the second fiscal quarter (first calendar quarter) of 2017 on May 2.

Apple had $246.1 billion cash at the end of its last fiscal quarter.

Also read: Apple CEO Feels Facebook, Google Will Only Grow Bigger
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
| Edited by: Sarthak Dogra
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