(Bloomberg) — Apple Inc. shares fell on Monday, with the iPhone maker erasing an initial advance that took it within striking distance of a $3 trillion stock-market value for the first time ever.
Shares rose as high as $182.13 in early trading but subsequently fell as much as 0.8% to $178.10, resulting in market capitalization of about $2.93 trillion. The decline mirrored the move in broader markets.
Despite the day’s slip, Apple remains a notable outperformer of late. Shares have gained almost 30% off an October low, a rally that has added about $630 billion to its valuation. Earlier, JPMorgan Chase & Co. raised its price target on Apple shares to the highest among Wall Street analysts, touting the potential of its iPhone SE 5G model.
The iPhone maker’s share price has surged throughout 2021, leaving it up more than 200% since Covid first sent the world into lockdown early last year and underlined the centrality of technology for work, education, entertainment and keeping connected. These are all markets that Apple touches on deeply through its hardware, software and media services, and that has contributed to it being on pace to be the first company in history to hit $3 trillion, just 16 months after it first crossed the $2 trillion mark.
(Updates trading and adds JPMorgan price target increase.)
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