Bank of America Merrill Lynch stated that Apple stock is up 66.5% on the year, and they remain bullish.
Apple’s post-earnings surge values the company at more than the entire US energy sector, Bank of America Merrill Lynch analysts wrote in a Thursday note.
The tech giant closed Thursday with a $1.17 trillion market cap, maintaining its position as the world’s most valuable public company. The S&P 500 Energy index closed with a $1.13 trillion market cap, dragged lower by ExxonMobil, Chevron, and ConocoPhillips.
Despite Apple’s strong momentum through 2019, BAML analysts said it still has room to grow. The tech giant is “on course for 82.6% gain” through the end of the year, the team led by chief investment strategist Michael Hartnett wrote.
Meanwhile, J.P. Morgan raises its Apple price target to $290.
“AAPL is now worth $1.17T… more than the entire S&P 500 Energy index… Put more simply, if you were the outright owner of every one of the 500 biggest energy companies in the US, from Chevron to ExxonMobil, you still couldn’t afford to buy #Apple.” https://t.co/JpaBPBFTyF
— amber mac (@ambermac) November 18, 2019