Is Apple's Market Cap Headed to $3 Trillion? One Analyst Thinks So
Over the coming 12 months, the stock of Apple (NASDAQ: AAPL) is headed more than 20% higher from Tuesday's closing price. So says Wedbush Securities analyst Dan Ives, who raised the stock's price target to a street-high $600 on Wednesday, and that could be just the beginning. Ives' bull case has Apple stock climbing more than 40% to $700, pushing its market cap to nearly $3 trillion.
He cited Apple's "once in a decade" opportunity in the coming 12 to 18 months, saying that more than one-third of iPhone users could upgrade. The ongoing rollout of 5G, the next generation of cellular technology, will be the catalyst for this upgrade cycle. This would amount to as many as 350 million users of an estimated 950 million buying the upcoming iPhone, in what many analysts have dubbed the "super cycle."
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Source Fool.com
