Why Apple could hit record $4 trillion market cap in 2024

Apple is the first company to hit a $3 trillion market capitalization, and Wedbush Securities analyst Daniel Ives says the tech behemoth could hit the $4 trillion mark in 2024.

Angela Palumbo for Barron’s:
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Apple, the most highly valued U.S. company, first closed with a market value above $2 trillion on Aug. 20, 2020. Then, 719 trading days later on June 30, 2023, the stock hit a market cap of $3 trillion.

Wedbush analyst Dan Ives expects the stock to hit a $4 trillion market cap by the end of 2024, “given the pace of growth and monetization we estimate for Cupertino over the next year.”

This reflects his belief that about 220 million to 230 million iPhones are available for upgrade in 2024.

Ives rates the stock at Outperform with a $250 price target. Shares of Apple were up 0.5% Wednesday to $197.09. The stock has jumped 52% this year.

Apple currently has a market cap of about $3.1 trillion. The stock would need to close at $257.19 a share or higher to reach the $4 trillion market cap milestone. That’s a 30.6% gain from Tuesday’s close.
Concerns

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MacDailyNews Take: From Danny’s lips to Mr. Market’s ears!
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