Investor Alert

New York Markets Close in:

Market Pulse Archives

July 13, 2020, 8:17 a.m. EDT

Apple stock gains after Wedbush says company could be worth $2 trillion next year

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Apple Inc. (AAPL)
  • X
    Dow Jones Industrial Average (DJIA)

or Cancel Already have a watchlist? Log In

By Emily Bary

Shares of Apple Inc. /zigman2/quotes/202934861/composite AAPL -0.42% are up 1.1% in premarket trading Monday after Wedbush analyst Daniel Ives boosted his price target on the stock to $450 from $425. His new target is the highest among those tracked by FactSet. Ives wrote that Apple could be the first company to notch a $2 trillion valuation in 2021 driven by momentum for the company's forthcoming iPhones. The company is set to debut its first 5G-enabled devices later this year and Ives sees room for a "massive pent-up iPhone 12 cycle," specifically in China but also worldwide, with many older devices due for upgrades. "We believe in China alone between 60 million to 70 million iPhones are in the window of an upgrade opportunity over the next year with Apple going aggressively at all price points (SE, iPhone 12) to cement its installed base despite competitive pressures from domestic players," he wrote. Ives saw a "continued demand snapback in China" during June. He has an outperform rating on the shares, which have added 40% over the past three months as the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.27% has gained 11%.

US : U.S.: Nasdaq
$ 129.93
-0.55 -0.42%
Volume: 49.31M
June 15, 2021 3:51p
P/E Ratio
Dividend Yield
Market Cap
$2177.40 billion
Rev. per Employee
US : Dow Jones Global
-92.44 -0.27%
Volume: 208.56M
June 15, 2021 3:51p

This Story has 0 Comments
Be the first to comment
More News In

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.