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Apple shares trade at $336.64, exceeding the Wall Street consensus price target of $328.09, as the company prepares to report fiscal fourth-quarter results on October 29.
The stock has risen 24.17% year to date, outperforming the S&P 500's 14.17% gain over the same period. In its fiscal third quarter, Apple reported revenue of $109.42 billion, a 16.4% increase from the prior year.
Earnings per share reached $2.02, surpassing the $1.89 consensus estimate. iPhone revenue grew by 22%, while Mac revenue increased by 29%.
Management attributed the performance to demand outpacing supply, stating that the iPhone and Mac performed better than anticipated. Valuation metrics indicate the market is pricing in strong future growth.
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