Apple could hit a $3 trillion market cap in 2022, according to Wedbush analyst Daniel Ives, as quoted on CNBC.
Apple has a market cap of over $2 trillion, currently. It topped $1 trillion mark in 2018 and the $2 trillion threshold in 2020.
The company is benefiting from continued momentum in the Services segment, driven by strong App Store sales and robust adoption of Apple Music and Apple Pay. Non-iPhone devices, particularly Apple Watch and AirPod, are the other notable drivers in the long haul.
Going by valuation metrics, P/E (ttm) of AAPL is 28.4 times versus the industry-average of 26.0 times. Forward P/E of AAPL is 24.5 times versus the industry score of 22.1 times. Though these measures point to higher valuation of Apple than the industry, a higher P/E is always not a sign of worry. It shows investors’ confidence in a particular stock among the bunch.
MacDailyNews Take: From Danny’s lips to Mr. Market’s ears!
As for Apple hitting hit $3 trillion market cap by mid-2022, it’s totally doable. – MacDailyNews, January 13, 2021
Trillion, schmillion. Over time, Apple will go much higher than that. The company is currently horribly undervalued. — MacDailyNews, March 1, 2018