Apple stock hit an all-time high of 348.25 USD, giving the company a market capitalization of about 5.07 trillion USD. UBS and Loop Capital updated their Apple ratings ahead of earnings, and UK regulators are proposing changes to Apple's contactless payments.
Apple stock reached an all-time high of 348.25 USD. The shares currently trade at 347.84 USD, and the company's market capitalization stands at approximately 5.07 trillion USD.
Over the past 12 months, the stock has gained 33.75%. Year-to-date returns stand at nearly 27%. However, InvestingPro data suggests the stock may be overvalued relative to its Fair Value.
UBS and Loop Capital update Apple ratings
UBS reiterated its Neutral rating on Apple with a price target of $296, based on supply chain checks and smartphone industry data ahead of the earnings report.
Loop Capital, meanwhile, downgraded Apple to Hold from Buy, citing concerns over iPhone shipments. The firm cut its price target to $330 from $370 and lowered its earnings per share estimate to $11.00 from $12.00.
UK regulator targets contactless payments
Separately, the UK's Competition and Markets Authority proposed measures to reduce Apple's control over contactless payments. The proposals aim to lower fees and remove technical barriers, potentially opening the iPhone's contactless technology to competing businesses.
The CMA believes this could foster innovation within the UK's fintech sector, since no company has yet launched a wallet-type product to compete with Apple Wallet in the UK.
Source: Investing.com
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