The Dow Jones Industrial Average hit 22,000 on Aug. 2 for the first time, receiving a boost from strong earnings posted by Apple Inc.
Apple shares surged nearly 6 percent in the premarket on Aug. 2 after the company’s quarterly results beat expectations.
“We continue to believe Apple remains among the most underappreciated stocks in the world,” Brian White, an analyst at Drexel Hamilton, wrote in a research report.
He raised his estimates and revised his price target from $202 to $208 per share.
Should shares of Apple climb to White’s price target, the company will be worth over $1 trillion. Apple’s current market capitalization is around $819 billion.
Shares of Boeing Co. and McDonald’s Corp. are the other top gainers that have driven up the Dow in recent days.