$1 trillion and counting, for now.
Apple (AAPL) - Get Report shares continue to touch records following a better-than-expected second calendar quarter. At $216.67 on Monday, Apple shares have soared 26% so for this year. Apple is now valued at $1.05 trillion, no doubt making large shareholder Warren Buffett quite content.
The latest push higher in the stock comes ahead of Apple potentially introducing three new iPhones this year, one reportedly with an extra large screen. It also arrives amid speculation Apple will ramp up efforts in augmented reality. "We believe AR can enable profound experiences and Apple is uniquely positioned to provide the best AR experience because of the seamless integration of our hardware and software," said CEO Tim Cook in Apple's July earnings report, citing what he called the technology's "limitless potential."
Says Jim Cramer about Action Alerts PLUS holding Apple, "We reiterate our $230 target, which we view as conservative as it is based on 17 times FY2019E earnings, a multiple we believe should increase as Services ARPU (average revenue per user) and adoption grows."
But Buffett and other Apple supporters could be about to watch a short-term pullback in Apple.
Shares of Apple have dropped in the second half of the past five quarters after rising in the first half, according to Bloomberg data.