Key Highlights
- AAPL shares advanced 1.3% to $337.40, approaching its record closing high of $333.74
- Apple regained its position as the globe’s most valuable publicly traded company, surpassing Nvidia
- Closing above $340.43 would mark the first time Apple reaches a $5 trillion market capitalization
- Analysts forecast Q3 earnings per share of $1.89 (20.4% increase) with revenue of $109.03 billion (16% growth)
- HSBC raised its rating to Buy with a $366 target, citing an “operational turning point” for the tech giant
Shares of Apple gained 1.3% on Monday, reaching $337.40 and moving closer to establishing a fresh all-time closing record. The company’s previous peak close came in at $333.74.
Should AAPL close above the $340.43 threshold, the iPhone maker would achieve an unprecedented $5 trillion market capitalization ā a historic first for any publicly traded company.
This momentum builds ahead of Apple’s fiscal third-quarter earnings release scheduled for Thursday, July 30, after market close. The report will mark CEO Tim Cook’s final quarterly earnings presentation in his current role.
Monday’s trading session saw Apple recapture its position as the planet’s most valuable company, surpassing Nvidia in total market capitalization. NVDA shares declined nearly 5%, reducing its valuation to approximately $4.77 trillion, while Apple approached the $5 trillion benchmark.
Over the last 30 days, Apple’s stock has surged approximately 20%. This rally has been fueled primarily by robust iPhone sales momentum and expanding services segment revenue.
Among the Magnificent Seven tech stocks, Apple stood out as Monday’s clear winner. The remaining members of this elite group continued trading at least 15% beneath their respective record highs.
Analyst Sentiment Shifts Higher
Nicolas Cote Colisson from HSBC elevated Apple’s rating to Buy while increasing the firm’s price objective to $366. The analyst characterized the company as reaching a crucial “operational turning point.”
Colisson emphasized Apple’s strategic advantage in avoiding the substantial data center capital expenditures that are pressuring competitors in the AI space, all while leveraging its installed base of 2.5 billion devices to advance Apple Intelligence capabilities.
The HSBC analyst identified Apple’s enhanced agentic Siri as a crucial innovation, particularly after previous artificial intelligence initiatives struggled to achieve meaningful user engagement. He also noted a robust hardware roadmap that includes the iPhone 18 Pro, a planned iPhone Air model targeted for 2027, and development of a foldable device.
Additional Wall Street firms including Baird, Morgan Stanley, and Goldman Sachs have similarly increased their AAPL price targets.
The consensus rating among Wall Street analysts currently stands at Moderate Buy, derived from 16 Buy recommendations, nine Hold ratings, and two Sell opinions. The mean price target across these analysts is $329.52.
Earnings Expectations for Thursday’s Report
Wall Street analysts are forecasting third-quarter earnings per share of $1.89, representing a 20.4% year-over-year increase. Revenue projections stand at $109.03 billion, marking a 16% improvement compared to the prior-year quarter.
This upcoming quarterly report represents the first since Apple implemented price adjustments to compensate for elevated memory component costs.
Market participants will focus closely on management commentary regarding Apple Intelligence adoption rates, device upgrade cycles, and the trajectory of the services business segment.
Nvidia maintained the largest market capitalization position for a significant portion of the year, propelled by explosive demand for its artificial intelligence processors. However, recent turbulence in semiconductor stocks created an opportunity for Apple to reclaim market cap supremacy.
Despite the recent rally, the average analyst price target of $329.52 suggests approximately 2% potential downside from current trading levels.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
