Apple’s shares have experienced a 1% increase, contributing to its already soaring stock market valuation. This rise comes in the wake of a significant upgrade by a prominent Wall Street bank, which has propelled the tech giant’s shares by nearly 50% since the beginning of the year. On Monday, Apple shares were trading at just below $193 each, following Morgan Stanley’s decision to raise its target price for the company’s shares.
The timing of this upgrade is particularly noteworthy as Apple, along with other major tech firms such as Tesla and Netflix, is set to report its latest quarterly earnings in the coming weeks. These companies, along with several banks, will be the first to announce their earnings this week. Despite global central banks implementing substantial interest rate hikes to curb consumer and business spending in an effort to control inflation, these tech giants have managed to perform remarkably well this year.
Apple’s rising shares have propelled its valuation to surpass the $3 trillion mark, further solidifying its position as one of the most valuable companies in the world. Chris Beauchamp, the chief market analyst at online broker IG, commented on the current market situation, stating that traders seeking catalysts for market movement will have plenty of options with the upcoming earnings reports from the banking sector. He also noted that equity markets have made significant progress over the past six months, and optimists are hopeful for a strong earnings season overall, as this would be the best chance to sustain the gains seen in the stock market thus far this year.