Apple, the most highly valued company in the US, made history this year by becoming the first stock to reach a market capitalization of $3 trillion. Now, analysts at Wedbush are predicting that the tech giant could hit the $4 trillion mark by 2024.
On August 20, 2020, Apple closed with a market value above $2 trillion. It took another 719 trading days, until June 30, 2023, for the stock to reach a market cap of $3 trillion. However, sustaining this milestone proved challenging for Apple as concerns regarding iPhone demand, high inflation, and competition from more affordable Chinese smartphones weighed on the stock. But Apple managed to reclaim the $3 trillion market cap on December 5, following a strong rally driven by its Q4 earnings report.
Wedbush analyst Dan Ives is optimistic about Apple's future growth prospects and expects the company to achieve a $4 trillion market cap by the end of 2024. He believes that Cupertino's pace of growth and monetization will play a significant role in this anticipated milestone. Ives rates Apple's stock as "Outperform" with a price target of $250.
As of Wednesday, Apple's shares were up 0.5%, reaching $197.09. So far this year, the stock has soared by an impressive 52%. Despite concerns about potential iPhone bans in China, Ives reassures investors that demand for Apple products in this crucial market remains strong and unaffected.
At present, Apple boasts a market cap of approximately $3.1 trillion. To reach the $4 trillion milestone, the stock would need to close at $257.19 per share or higher, indicating a 30.6% gain from Tuesday's closing price.
In conclusion, Apple's incredible ascent in market value highlights its dominance in the tech industry. With the potential to achieve a $4 trillion market cap by 2024, the company shows no signs of slowing down.
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