- Apple's post-earnings surge pushed its market cap past that of the entire US energy sector, Bank of America Merrill Lynch analysts wrote Thursday.
- The tech giant closed Thursday with a $1.17 trillion market cap, while the S&P 500 Energy index's market cap dropped to a cumulative $1.13 trillion.
- The analysts project Apple to continue its post-earnings surge and post a 82.6% gain through 2019. Apple stock is up 66.5% year-to-date.
- Watch Apple trade live here.
Apple's post-earnings surge values the company at more than the entire US energy sector, Bank of America Merrill Lynch analysts wrote in a Thursday note.
The tech giant closed Thursday with a $1.17 trillion market cap, maintaining its position as the world's most valuable public company. The S&P 500 Energy index closed with a $1.13 trillion market cap, dragged lower by ExxonMobil, Chevron, and ConocoPhillips.
Transform talent with learning that worksCapability development is critical for businesses who want to push the envelope of innovation.Discover how business leaders are strategizing around building talent capabilities and empowering employee transformation.Know More The iPhone-maker's stock surged after impressing investors with its fiscal fourth-quarter earnings. Apple topped Wall Street's estimates for both revenue and profits as its wearable products and online services offset slowing iPhone sales.
The company is up about 8% since the October 30 report and posted a record-high close Wednesday.
Despite Apple's strong momentum through 2019, BAML analysts said it still has room to grow. The tech giant is "on course for 82.6% gain" through the end of the year, the team led by chief investment strategist Michael Hartnett wrote. Apple shares are up about 66.5% year-to-date.
The analysts also highlighted a euro-denominated green bond Apple priced November 7. The company issued 2 billion euros worth of six- and 12-year bonds, with the shorter-period debt featuring a 0% coupon. Coupon rates describe the rate of interest a bond pays annually, while a bond's yield is the rate of return it generates for a holder.
The debt offering's proceeds will be used to develop energy-efficient products and cut carbon emissions in the company's supply chain, Apple said in a statement.
The company traded at $263.87 at 9:05 a.m. ET Friday, up roughly 0.47% from Thursday's close.
Apple has 27 "buy" ratings, 14 "hold" ratings, and seven "sell" ratings from analysts, with a consensus price target of $255.83, according to Bloomberg data.
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