Following its $1.065 trillion market capitalization on Friday, October 18, 2019, American multinational technology company, Apple, has taken over the crown of world’s most valuable company from Microsoft, whose market value is $1.063 trillion.
The Cupertino, California-based company’s stock has surged in recent weeks as numerous analysts predict better-than-expected iPhone 11 sales.
You may recall that Microsoft has held the market-value crown since April 25, 2019, when it beat estimates for quarterly earnings and breached the $1 trillion threshold for the first time.
However, Microsoft was caught in broad stock sell-off, falling as much as 2.2% on Friday. Apple was largely spared, declining just 0.4% at its intraday low.
Meanwhile, Interbrand ranked Apple as the world’s most valuable brand name on Friday and placed Microsoft in fourth place.
Google and Amazon took second and third place, respectively. The brand consultancy firm based its rankings on current brand strength, value added to the company by the brand, and future plans for the brand.
The report however marked Apple’s seventh consecutive year at Interbrand’s top spot.
According to Bloomberg data, the tech giant has 25 buy ratings, 17 hold ratings, and six sell ratings from analysts, with a consensus price target of $225.01.
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