Apple could hit a market cap of $3 trillion, analysts from Citigroup and Wedbush say, citing high expectations for the next generation of iPhones as well as the development of the Apple Car.
Based on our Asia supply chain checks, we strongly believe the iPhone 12 supercycle hype has become a reality with this week giving the Street its first glimpse of underlying iPhone 12 demand and key commentary from CEO Tim) Cook looking ahead into the next few quarters. — Wedbush analyst Daniel Ives, January 25, 2021
Citigroup Inc. and Wedbush see potential for the tech giant to hit the milestone, an increase that implies an almost 50% surge from Thursday’s close. With a market cap of $2.05 trillion currently, Apple is already the most valuable stock in the world.
Developing the Apple Car could boost the company’s sales by 10% to 15% after 2024, Citigroup Inc. analyst Jim Suva wrote in a note on Friday.
Wedbush analyst Daniel Ives, whose price target for Apple is a Street-high $175, also sees a $3 trillion valuation on the horizon. In a note on Wednesday, he called recent declines in the stock a “golden buying opportunity,” expecting the upcoming iPhone 13 to be a “game changer,” with supply chain data pointing to greater output rates than for the previous generation.
MacDailyNews Take: $3 trillion will be merely a milepost along the way to a much higher market cap for Apple.