Monday 23 October 2017

Apple world's top company with $32bn boost

Thomas Molloy

Thomas Molloy

APPLE shares surged yesterday, adding nearly $32bn (€24bn) to its market value and toppling Exxon Mobil from its perch as the world's most valuable company.

Apple now has a market capitalisation of $430bn, or about three times Ireland's gross national product.

The shares surged the most in more than three years yesterday, after an earnings report revealed skyrocketing iPhone and iPad sales.

At least 15 brokerages raised price targets on Apple stock, with two expecting it to touch $650 in the next year.

Citigroup, which raised its price target by $100 to $600, said it expected "another stellar product cycle this year."

The quarter saw Apple's warchest swell to almost $100m -- raising speculation that it might use a portion of its cash balance to pay investors a dividend.

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