Shulou(Shulou.com)11/24 Report--

CTOnews.com, June 30 (Xinhua)-- Apple shares closed at a record high yesterday, within walking distance of a market capitalization of $3 trillion (CTOnews.com Note: currently about 21.75 trillion yuan), Bloomberg reported. But Atif Malik, an analyst at Citigroup, said Wall Street underestimated the growth potential of Apple's gross margin and was optimistic that Apple's share price had 30 per cent room to rise.

▲ Touyuan PexelsAtif Malik gives Apple a "buy" rating, with a target share price of $240 (currently about 1740 yuan), the highest valuation among Wall Street analysts. Apple shares closed yesterday at $189.59 (currently about 1375 yuan), with a market capitalization of $2.98 trillion (currently about 21.61 trillion yuan).

Atif Malik believes that Apple's gross margin growth potential is mainly due to the increase in market share in China and India and the shift in consumer demand to the higher-end iPhone (Pro model). He also said Apple is responding to slowing economic growth and inflationary pressure on consumer spending by encroaching on Android market share.

After including Citi's forecast, 68 per cent of analysts tracked by Bloomberg recommended buying Apple, but the proportion was still lower than other large technology stocks, such as more than 85 per cent of analysts recommended buying Microsoft and Google's parent company Alphabet, and about 94 per cent recommended buying Amazon.

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