Analysts Believe Apple On Its Way to $3 Trillion USD Market Valuation
Apple analysts think the company could reach a market cap of $3 trillion USD.
According to a new Bloomberg report, analysts have stated they believe Apple is on its way to a $3 trillion USD market valuation thanks to hype around the iPhone 13 and rumors of an Apple Car.
Jim Suva at Citigroup Inc. suggested that developing the Apple Car could increase Apple’s sales by 10-15 percent 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.
The iPhone maker became the first publicly traded U.S. company to reach a $2 trillion USD market cap in August. As of Thursday, with its stock around $133 per share, Apple was valued at almost $2.3 trillion USD.
As the report notes, Apple shares have slid 15 percent since a record high in January. On reports of Apple Car, recent reports claim 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.