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Analysts tip Apple for $3 trillion market valuation

Tim Cook
Tim Cook (Image credit: Apple)

What you need to know

  • Apple analysts think the company could reach a market cap of $3 trillion.
  • That's because of hype for the next iPhone and rumors of an Apple Car.

Analysts have stated they believe Apple is on its way to a $3 trillion market valuation thanks to hype around the iPhone 13 and rumors of an Apple Car.

From Bloomberg:

Apple Inc.'s stock could reach a market capitalization of $3 trillion, analysts say, citing the development of the Apple Car as well as high expectations for the next iPhone. Citigroup Inc. and Wedbush see potential for the tech giant to hit the milestone, an increase that implies an almost 50% surge from Thursday's close. With a market cap of $2.05 trillion currently, Apple is already the most valuable stock in the world.

Jim Suva at Citigroup Inc. suggested that developing the Apple Car could increase Apple's sales by 10-15% worldwide after 2024 and that the electric vehicle market is set to outgrow the combined smartphone, PC, tablet and wearables market.

Wedbush's Dan Ives, an infamously bullish Apple analyst, said that Apple's recent lull in stock price presented a "golden buying opportunity", and that the upcoming 2021 iPhone would be a "game-changer", with supply chain data indicating even greater output than that of the iPhone 12, perhaps the best iPhone in recent memory.

As the report notes, Apple shares have slid 15% since a record high in January. On reports of Apple Car, a recent Bloomberg post claims that talks with manufacturers and Apple have not gone well and that Apple may turn to its tried and tested strategy of using a lesser-known manufacturing partner like Foxconn, rather than a rival like Kia or Hyundai.

Stephen Warwick
News Editor

Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.

Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple.