Key Highlights
- AAPL shares advanced 1.3% to reach $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 Apple’s first-ever $5 trillion market capitalization
- Analyst consensus forecasts Q3 EPS of $1.89 (20.4% increase) and revenue of $109.03 billion (16% growth)
- HSBC elevated AAPL to Buy rating with $366 price target, citing an “operational turning point”
Shares of Apple climbed 1.3% to settle at $337.40 during Monday’s trading session, positioning the tech giant tantalizingly close to establishing a fresh all-time closing record. The existing benchmark sits at $333.74.
Should shares close above the $340.43 threshold, Apple’s total market capitalization would breach the unprecedented $5 trillion mark for the first time in the company’s history.
This upward momentum arrives mere days ahead of Apple’s scheduled fiscal Q3 earnings release, set for after market close on Thursday, July 30. The report will also mark Tim Cook’s final earnings conference call in his role as chief executive.
On Monday, AAPL successfully recaptured its throne as the planet’s most valuable publicly traded enterprise, displacing Nvidia. NVDA shares tumbled nearly 5%, reducing its market valuation to approximately $4.77 trillion, while Apple inched toward the $5 trillion threshold.
Over the past 30 days, Apple has surged approximately 20%. The rally has been fueled primarily by robust iPhone sales momentum and expanding services segment revenue.
Among the Magnificent Seven tech stocks, Apple emerged as Monday’s clear leader. The remaining members of this elite group continue trading at least 15% beneath their respective all-time peak levels.
Street Sentiment Grows Increasingly Positive
Nicolas Cote Colisson, an analyst at HSBC, elevated Apple to a Buy rating while simultaneously lifting his price objective to $366. He characterized the iPhone maker as arriving at an “operational turning point.”
Colisson emphasized Apple’s strategic advantage in avoiding the substantial data center capital expenditures that are pressuring competing AI-focused companies, all while leveraging its massive 2.5 billion device installed base to advance Apple Intelligence initiatives.
The analyst views Apple’s redesigned agentic Siri as a pivotal innovation, particularly after previous AI capabilities underwhelmed users. He also referenced a robust hardware roadmap that includes the iPhone 18 Pro, a projected iPhone Air launching in 2027, and a foldable product.
Additional firms including Baird, Morgan Stanley, and Goldman Sachs have similarly increased their AAPL price projections.
The Street’s aggregate consensus stands at Moderate Buy, derived from 16 Buy recommendations, nine Hold ratings, and two Sell opinions. The mean price target reaches $329.52.
Thursday’s Earnings Expectations From Analysts
The analyst community anticipates Q3 earnings per share of $1.89, translating to 20.4% year-over-year expansion. Revenue projections stand at $109.03 billion, reflecting a 16% increase compared to the equivalent period in the prior year.
Thursday’s financial disclosure will represent the initial quarterly announcement following Apple’s decision to implement price increases aimed at offsetting elevated memory component costs.
Market participants will be closely monitoring commentary regarding Apple Intelligence feature uptake, device replacement cycles, and services business expansion.
Nvidia had maintained dominance in market capitalization rankings throughout much of the year, propelled by explosive demand for its artificial intelligence processors. Recent turbulence affecting semiconductor equities created an opportunity for Apple to reclaim supremacy.
The consensus AAPL price target of $329.52 suggests modest downside of approximately 2% from present trading levels, despite the stock’s recent substantial advance.
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