Apple stock surges above analyst targets yet points to pullback

Shining bright: A women uses an iPhone as she passes an Apple logo at the Grand Central Terminal in New York City. Citigroup Inc says Apple’s stock could rise an additional 30%, but the company is less beloved by analysts than its megacap peers. — Reuters

NEW YORK: Apple Inc’s surge this year has officially made the iPhone maker the first company with a US$3 trillion (RM14 trillion) market value, but at least one metric is pointing to a near-term pullback. Already the world’s largest stock, Apple’s 49% rally this year has pushed it to a fresh record, adding nearly US$1 trillion (RM4.67 trillion) in value.

But that rapid resurgence has driven its shares almost 3% above the average analyst price target, according to data compiled by Bloomberg.