AAPL Eyes Record Highs After Upbeat China iPhone 16 Sales

Apple's market cap is now nearing $3.6 trillion

Patrick Martin

Managing Editor

Oct 18, 2024 at 2:19 PM

AAPL

Apple Inc (NASDAQ:AAPL) is a chip-shot from record highs today, last seen up 1.2% to trade at $234.99. The tech titan earlier traded as high as $236.18, after Counterpoint Research reported the new iPhone 16 sales in China jumped 20% in the first three weeks. Apple now has the largest market cap in the world, last seen nearly $3.6 trillion.

AAPL is now up 22% in 2024 and 34% year over year. The shares hit a record high of $237.49 on Oct 15, and corrections in the last few months have found support at a trendline connecting higher highs since the April 19 bottom of $164.07.

A round of overdue price-target hikes could keep the wind at the equity's back. Despite its powerhouse status on Wall Street, the consensus 12-month price target of $239.70 is only a 2% premium from its current perch.

AAPL Stock Chart

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