The iPhone maker is the most valuable public company in the world.
Apple hit a new milestone on Wednesday, becoming the first publicly traded U.S. company to reach a market capitalization of over $2 trillion and doubling in valuation over the last two years.The iPhone maker’s stock is up almost 55% so far in 2020, and shares have rallied more than 106% since the market hit a low point amid the coronavirus recession on March 23 .
Now trading at nearly $470 per share, Apple’s stock is at an all-time high and Wall Street analysts are still quite bullish that it can continue to rally: 61% give it a “buy” rating and 27% a “hold” rating, according to Bloomberg data. Apple’s market cap now eclipses that of other U.S. tech giants, including Microsoft , Amazon , Google-parent Alphabet and Facebook .
Apple was also the first U.S. company to reach a $1 trillion market cap, which it did just over two years ago on August 2, 2018., Apple surpassed Saudi state oil giant Aramco to become the world’s most valuable publicly traded company.in December, 2019, plunging oil prices amid the coronavirus pandemic have since hurt its stock.
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