Apple firmly on course for $1 trillion valuation, say analysts

Chase Thilleman receives a high five from an Apple employee as he is first in line to buy the Apple iPhone X at the new Apple Michigan Avenue store along the Chicago River on Friday, Nov. 3, 2017, in Chicago. (AP Photo/Charles Rex Arbogast)
Updated 03 November 2017
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Apple firmly on course for $1 trillion valuation, say analysts

Apple Inc.’s shares hit a record-high on Friday after the tech giant reported a blowout fourth quarter and shrugged off concerns related to the iPhone X, prompting more analysts to put a trillion-dollar valuation on the company.
The stock rose as much as 3.7 percent to $174.26, briefly breaching $900 billion in market value, amid declines in the broader market. The gains added nearly $32 billion to the company’s market capitalization.
The Cupertino, California-based company also forecast a strong holiday quarter ahead, which will include the iPhone X that started selling on Nov. 3.
“We see iPhone X unlocking pent-up iPhone upgrades, especially in China, driving more than 20 percent iPhone unit growth and a revenue and earnings beat in 2018,” analyst Katy Huberty on Morgan Stanley said.
The glass-and-steel $999 phone appeared to have brought back the frenzy associated with iPhone launches — long lines formed outside Apple stores in Asia as fans flocked to buy the new phone.
The company will make 30 million iPhone X units during the current quarter, Nomura Instinet analysts estimated, allaying production worries related to the phone.
Apple said on Thursday it expects first-quarter revenue of $84 billion to $87 billion, at the high end of analysts average expectations of $84.18 billion, according to Thomson Reuters I/B/E/S.
“We – and many others – had feared that guidance could be weaker, reflecting only 9 weeks of the flagship iPhone X and limitations on supply,” Bernstein analyst Toni Sacconaghi said.
At least 13 brokerages raised their price targets on the stock, with Citigroup making the most bullish move by raising its price target by $30 to $200.
Of the 37 analysts that track the stock, as per Thomson Reuters data, 31 had a “buy,” or higher rating. None had a “sell.”
With the latest brokerage actions, at least nine Wall Street analysts now have target prices that puts Apple’s market value above $1 trillion. Drexel Hamilton’s Brian White is still the most bullish among Apple analysts tracked by Thomson Reuters, raising his target price further to $235.
Apple’s fourth-quarter results underscored the company’s ability to drive growth not just on iPhones, but across its range of products, analysts said.
The company’s suite now includes five different iPhone models, the iPad, the Mac and the Apple Watch as well as its fast-growing services.
Apple said it sold 46.7 million iPhones in the fourth quarter ended Sept. 30, above analysts’ estimates of 46.4 million, according to financial data and analytics firm FactSet. Mac and iPad sales too were above the estimates of most analysts.


South Korea cryptocurrency exchange Bithumb says hacked, $32 million in coins stolen

A cryptocurrency mining computer is seen in front of bitcoin logo during the annual Computex computer exhibition in Taipei, Taiwan, on June 5, 2018. (REUTERS/Tyrone Siu/File Photo)
Updated 20 June 2018
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South Korea cryptocurrency exchange Bithumb says hacked, $32 million in coins stolen

SEOUL: Seoul-based virtual currency exchange Bithumb has been hacked and 35 billion won ($31.51 million) worth of virtual currency held at the exchange stolen, the exchange said on Wednesday.
Bithumb said in a notice on its website that it has stopped all trading after ascertaining “some cryptocurrencies worth about 35 billion won have been seized between late yesterday and early morning today.”
The exchange said it will “make up for the lost cryptocurrencies” with the exchange’s own coins, and has moved all users’ assets into safe “cold wallets.”
A Bithumb official could not be immediately reached by Reuters for further comment.