Apple stock will soar past its current $3 trillion market cap, and the tech giant could be worth $4 trillion within the next two years, according to a Wedbush note on Wednesday., which it first reached in January 2022.
But the stock is likely worth even more, Wedbush analysts said, estimating a fair valuation that could be $3.5 trillion. And under a bull-case scenario, the company could hitWedbush said the key to that lofty view is Apple's services business, which analysts estimated is on track to approach $100 billion in annual revenue in fiscal 2024, up from $50 billion in 2020. The revenue potential from services alone carries a valuation of $1.4 trillion, the note added.
Meanwhile, the upcoming iPhone 15 could benefit from a"mini super cycle," analysts said, as there are about 25% of loyal Apple customers who haven't upgraded their iPhones in four years. "The Apple bears and skeptics continue to scratch their heads as many have called for Apple's 'broken growth story' this year in a tougher backdrop to which we firmly believe the opposite has happened," analysts said, adding that the tech giant was in for a"renaissance of growth" over the next year to year-and-a-half.
Lastly, Apple has potential to incorporate AI into its Vision Pro App store, which could play to its"massive advantage" against its rivals, analysts said. also gave a comparable price target for Apple, and predicted the company would notch $4 trillion valuation over the long-term.
Source: Financial Digest (financialdigest.net)
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