Shares of Apple Inc. AAPL, +2.35% rallied 2.4% in midday trading toward a near 11-month high, after J.P. Morgan raised its price target, citing signs of better-than-expected iPhone sales. The technology giant’s stock paced the Dow Jones Industrial Average’s DJIA, +0.36% gainers, with the price gain of $5.31 adding 36 points to the Dow’s price, which rose 155 points. The stock was on track to close at the highest level since Oct. 9, 2018, enough to boost Apple’s market capitalization back above the trillion-dollar threshold ($1.01 trillion) for the first time since Sept. 18. Apple remained in second as the most valuable U.S. company, just behind Microsoft Corp.’s MSFT, +0.94% market cap of $1.06 trillion and well ahead of third-place Amazon.com Inc. AMZN, +0.61% at $857.1 billion. Apple’s stock has now run up 13% over the past three months while the Dow has tacked on 1.4%.
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Apple reclaims $1 trillion market cap after analyst says stock poised to jump 20%
Apple Inc. shares surge, pushing the company past $1 trillion in market value, following a Wall Street note that predicted its stock will rise 21% on stronger-than-expected sales of iPhone 11.