A growing group of Wall Street analysts is predicting that electric autonomous vehicles sales will propel Apple and Tesla to $3 trillion each in market value by 2030, but which company will get there first?
Shares of Tesla rose 2.3% to $670 on Monday, giving it a market value of about $643 billion. Apple shares declined 0.33% to 122.98 on Monday, giving it a market value of $2.064 trillion.
Cathie Wood’s Ark Investment Management, for example, sees a 50% chance of Tesla achieving fully autonomous driving within five years, while Citigroup Inc.’s Jim Suva said developing the Apple Car could boost the company’s sales by up to 15% after 2024.
Wood was the latest to predict that Tesla would reach the eye-popping milestone after she boosted her share price forecast to $3,000, giving the company a valuation of almost $3 trillion. That follows New Street analyst Pierre Ferragu, who forecast the electric-vehicle maker can have a market capitalization of $2.3 trillion to $3.3 trillion by 2030.
Citigroup and Wedbush see potential for Apple to hit the $3 trillion target, an increase of about $1 trillion from its current market capitalization. Apple is already the most valuable stock in the world… Analysts covering Apple expect the stock to rally about 23% this year on average, with 32 of them posting buy ratings, 10 with holds and three suggest selling the shares.
MacDailyNews Take: In a rational world, the answer would be Apple. But, there’s no telling what the market will get ginned up about from day to day, week to week, month to month, year to year, so: