Apple, the world’s most valuable public company, has a current market value of $1.388 trillion. Evercore ISI analyst Amit Daryanani believes Apple could be the first to hit the $2 trillion valuation mark.
In a research note on Tuesday, lead analyst Amit Daryanani laid out a four-year plan for Apple to hit a $2 trillion market capitalization — a milestone no other company has reached. By the September 2024 fiscal year, the analyst believes that Apple can reach an earnings per share (EPS) of $23. Based on a model of 14% EPS growth per year, reaching a number just shy of double his current EPS estimate of $12.72 for the 2020 fiscal year.
Apple will also continue “aggressively” buying back shares, with an expectation that the Cupertino firm will reduce its share count by about 1 billion in the next four years. That equals out to about 3.6 billion shares at the end of fiscal year 2024, compared to 4.6 billion shares tracked in fiscal year 2019.
Based on that number of shares, Apple’s stock price would need to be over $550 to hit a $2 trillion market capitalization. But, again, Daryanani expects that to be feasible.
MacDailyNews Take: Daryanani’s market value projection doesn’t even take into account things like Apple Glasses, Apple Car, etc. Plus, The Mother of all iPhone Super Cycles this way cometh.
The next ten years are going to be absolutely amazing for Apple. The company has just started to really get going! — MacDailyNews, August 2, 2017
Trillion, schmillion. Over time, Apple will go much higher than that. The company is currently horribly undervalued. – MacDailyNews, March 1, 2018
The greatest company on earth is still wildly undervalued! The march to $2 trillion has begun! — MacDailyNews, August 2, 2018