Analysts have stated they believe Apple is on its way to a $3 trillion market valuation thanks to hype around the iPhone 13 and rumors of an Apple Car.
Apple Inc.’s stock could reach a market capitalization of $3 trillion, analysts say, citing the development of the Apple Car as well as high expectations for the next iPhone. 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.
Jim Suva at Citigroup Inc. suggested that developing the Apple Car could increase Apple’s sales by 10-15% worldwide after 2024 and that the electric vehicle market is set to outgrow the combined smartphone, PC, tablet and wearables market.
Wedbush’s Dan Ives, an infamously bullish Apple analyst, said that Apple’s recent lull in stock price presented a “golden buying opportunity”, and that the upcoming 2021 iPhone would be a “game-changer”, with supply chain data indicating even greater output than that of the iPhone 12, perhaps the best iPhone in recent memory
As the report notes, Apple shares have slid 15% since a record high in January. On reports of Apple Car, a recent Bloomberg post claims that talks with manufacturers and Apple have not gone well and that Apple may turn to its tried and tested strategy of using a lesser-known manufacturing partner like Foxconn, rather than a rival like Kia or Hyundai.