- Apple Inc shares rose almost 5 percent on Wednesday, pushing the iPhone maker’s market valuation back towards $1 trillion as its quarterly report and upbeat forecast calmed investors worried about slowing growth.
The company’s shares were trading around $210 in early trading after closing at $200.67 on Tuesday ahead of the quarterly report and valuing the company at around $970 billion, based on 4.6 billion shares outstanding. Apple said its buybacks last year amounted to more than $70 billion, or around five times its own spending on research and development.
At least six brokerages hiked their price targets on the stock, with Jefferies making the most aggressive move by raising its target by $50 to $210.
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