Apple Inc's valuation surpasses US$800bn after Berkshire Hathaway Inc increases stake
Apple Inc. (NASDAQ:AAPL) valuation surpassed US$800bn for the first time yesterday after Warren Buffet’s Berkshire Hathaway Inc. revealed it increased its stake in the iPhone maker.
Berkshire Hathaway disclosed in its quarterly filing with the Securities and Exchange Commission that it raised its holding to US$19.2bn at 31 March from US$7.1bn at 31 December. Apple is Berkshire Hathaway’s second-biggest equity holding by value.
Apple’s shares closed 2.72% higher to US$153.01 yesterday, giving it a market capitalisation of US$810.9bn.
The technology giant last week reported iPhones sales fell in the last quarter for the first time in 2016. Chief executive Tim Cook blamed the decline on the fact consumers were waiting for the launch of the next iPhone, which is expected in September.
US broker Drexel Hamilton lifted its target price to US$202 a share from US$185 yesterday, saying investors were “overly negative” on Apple following its results. The new target price gives Apple a US$1trn valuation estimate.
Drexel Hamilton analyst Brian White said Apple is “among the most underappreciated stocks in the world”. He argued that since the company still has less than 15% of the global smartphone market share, there is room for growth.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/177497/apple-inc-s-valuation-surpasses-us800bn-after-berkshire-hathaway-inc-increases-stake-177497.html
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