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%.