REUTERS: Apple Inc shares rose almost 5 percent on Wednesday, pushing the iPhone maker's market valuation back towards US$1 trillion as its quarterly report and upbeat forecast calmed investors worried about slowing growth.
That leaves it trailing Microsoft in the race to be the world's biggest company by market value, substantially because the number of Apple shares has fallen steadily as it returns billions of its profits to investors by buying back its own stock. Apple said its buybacks last year amounted to more than US$70 billion, or around five times its own spending on research and development.Apple's research budget still remains one of the world's largest, with many of its Wall Street backers pointing to the risk that the iPhone may not be as popular going forward as it has been over the past decade.
At least six brokerages hiked their price targets on the stock, with Jefferies making the most aggressive move by raising its target by US$50 to US$210.
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