Source: Business Insider
Apple has a new Wall Street-high price target of $400 per share from Wedbush analyst Dan Ives. Long-term iPhone sales growth from the 5G “super cycle” and continued expansion of Apple’s Services business can push the tech giant to a $2 trillion valuation by the end of 2021, Ives said in a Thursday note. The company joins Microsoft , Alphabet , and Saudi Aramco as the only public companies with valuations greater than $1 trillion, and would become the first US firm to hit the $2 trillion level if Ives’ prediction holds true. Watch Apple trade live here . Apple can leap to a $2 trillion market cap by the end of 2021, Wedbush analyst Dan Ives predicted on Thursday. The tech giant is already up nearly 10% in the year-to-date after an 86% gain in 2019, but Ives sees the company’s upcoming 5G iPhones and growing services business driving shares higher over the next few years. The analyst set a new Wall Street-high price target for Apple stock in his latest note, lifting his target to $400 per share from $350. “While the stock has had a massive rally over the past year and thus far in 2020, we continue to believe this is a ‘must own’ stock into what we would characterize as a transformational 5G super cycle over the next 12 to 18 months with Apple being our favorite 5G play,” Ives wrote.