“Apple has broken its fair share of records lately, posting the most profitable quarter in history after selling a record 74.5 million iPhones and becoming the first U.S. company to cross the $700 billion valuation mark,” Lauren Gensler reports for Forbes. “Investors have gobbled it up and shares have already gained 17% this year, trouncing the broader market.”
Gensler reports, “But its stock could go higher yet still, says a recent note from Citi, joining bulls like billionaire activist investor Carl Icahn, who recently argued that Apple is actually worth more than $1 trillion.”
Here are five reasons Apple could continue to reach new heights, pointed out by Citi analyst Jim Suva:
1. People are upgrading their phones more often
2. The stock is cheap
3. Margins can continue to rise
4. Apple Pay and Passbook have big potential
5. Apple doesn’t just have to be a consumer brand
Each of the five points discussed in detail here.