Apple surpasses Microsoft as the world's most valuable company
- Apple passed Microsoft on a market capitalization basis on Friday to take back the crown as the world's most valuable company.
- The iPhone maker was valued at roughly $1.065 trillion as of 11:20 a.m. ET Friday, just edging past Microsoft's $1.063 trillion valuation.
- Apple stock has surged in recent weeks as numerous analysts anticipate iPhone 11 sales to surpass initial estimates.
- Meanwhile, Microsoft was among those hardest hit by a broad tech-sector sell-off.
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The iPhone maker was valued at about $1.065 trillion as of 11:20 a.m. ET Friday, just edging past Microsoft's $1.063 trillion market cap.
Microsoft has held the market-value crown since April 25, when it beat estimates for quarterly earnings and breached the $1 trillion threshold for the first time.
The Cupertino, California-based company's stock has surged in recent weeks as numerous analysts predict better-than-expected iPhone 11 sales. Many firms anticipated consumers would skip out on Apple's latest phone lineup to wait for rumored 5G iPhones to release in 2020.
Further, 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.
Interbrand ranked Apple as the world's most valuable brand name 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 marked Apple's seventh consecutive year at Interbrand's top spot.
Apple became the first US company to break the $1 trillion valuation level in August 2018.
Apple traded at $235.37 per share as of 11:55 a.m. ET, up roughly 50% year-to-date.
The tech giant has 25 "buy" ratings, 17 "hold" ratings, and six "sell" ratings from analysts, with a consensus price target of $225.01, according to Bloomberg data.
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