Apple is the first company to hit a $3 trillion market capitalization, and Wedbush Securities analyst Daniel Ives says the tech behemoth could hit the $4 trillion mark in 2024.
Angela Palumbo for Barron’s:
Apple, the most highly valued U.S. company, first closed with a market value above $2 trillion on Aug. 20, 2020. Then, 719 trading days later on June 30, 2023, the stock hit a market cap of $3 trillion.
Wedbush analyst Dan Ives expects the stock to hit a $4 trillion market cap by the end of 2024, “given the pace of growth and monetization we estimate for Cupertino over the next year.”
This reflects his belief that about 220 million to 230 million iPhones are available for upgrade in 2024.
Ives rates the stock at Outperform with a $250 price target. Shares of Apple were up 0.5% Wednesday to $197.09. The stock has jumped 52% this year.
Apple currently has a market cap of about $3.1 trillion. The stock would need to close at $257.19 a share or higher to reach the $4 trillion market cap milestone. That’s a 30.6% gain from Tuesday’s close.
Concerns
MacDailyNews Take: From Danny’s lips to Mr. Market’s ears!
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Not with the coming market crash caused by libturd stupidity
Certainly good news for Apple MAJOR shareholders and the little people like myself who enjoy rising Apple stock returns.
That said, with extraordinary profits RISING — calling OUT virtue signaling Tim Cook to fulfill Steve Jobs initial mission. Put a Mac in every household and on every student’s desk in schools nationwide. Many ways to accomplish from discounts, tax write offs, to giveaways.
How much profit for Apple is enough? Accomplish this mission envisioned by Steve in the early days of Apple, and the halo effect will lock in millions of customers and make you richer than before…
I don’t buy this. Most people in the US who want an iPhone or iPad have one. Special giveaways and discounts only devalue the brand. Also, like many things Steve didn’t foresee, the long-term effects of using these devices can be very negative. Giving kids even MORE addictive distraction devices that are mostly used for gaming, social media and binge watching garbage is not a net positive for society. The idealistic “intersection of the liberal arts and technology” applies to a fraction of users.