Following a price target boost from analysts at Wedbush, Apple shares jumped in early trading Monday, hitting new all-time opening and intraday highs for the world’s biggest tech company.
Wedbush analyst Daniel Ives lifted his price target on the stock by $25 to $450 per share. In his best-case scenario, Ives argued, Apple could hit $525 per share, a level that would take Apple’s market cap well past the $2 trillion mark.
Apple shares were also supported by a report from DigiTimes which suggested MacBook Pro orders could “significantly increase” heading into the back-to-school season, based on supply chain sources that spoke with the tech-focused journal.
“We believe during 2021 Apple will be the first $2 trillion valuation given the 5G tailwinds and services momentum potential over the coming years,” Ives wrote. “In particular, we are seeing a continued demand snapback in China during the month of June and early July despite some speed bumps and the stage is setting up for a massive pent up iPhone 12 cycle heading into the Fall in this key region as well as globally.”
MacDailyNews Take: The start of The Mother of all iPhone Super Cycles closes in – plus, it’ll be a multi-year affair!
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
Apple will report fiscal Q320 earnings for the three months ending in June on Thursday July 30th after market close (we’ll have Apple’s results for you that day right around 4:30pm EDT / 1:3pm PDT, as usual). Apple analysts’ consensus currently expect $2 earnings per share on revenue of $51.5 billion.