Apple's shares traded up to $182.88 this afternoon making it the first company to reach a $3 trillion valuation.
The historical achievement is being driven by the company's services business and a strong product cycle, says Wedbush analyst Daniel Ives.
Hitting $3 trillion is another historical moment for Apple as the company continues to prove the doubters wrong with the renaissance of growth story playing out in Cupertino. The linchpin to Apple's valuation re-rating remains its Services business which we believe is worth $1.5 trillion in the eyes of the Street, coupled by its flagship hardware ecosystem which is in the midst of its strongest product cycle in over a decade led by iPhone 13. The Services business is further monetizing the Apple golden installed base and poised to reach $100 billion + annual revenue by 2024. We maintain our OUTPERFORM rating and $200 price target. Our bull case is $225.
Currently, AAPL is trading around $182, just shy of $3 trillion.
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The historical achievement is being driven by the company's services business and a strong product cycle, says Wedbush analyst Daniel Ives.
Hitting $3 trillion is another historical moment for Apple as the company continues to prove the doubters wrong with the renaissance of growth story playing out in Cupertino. The linchpin to Apple's valuation re-rating remains its Services business which we believe is worth $1.5 trillion in the eyes of the Street, coupled by its flagship hardware ecosystem which is in the midst of its strongest product cycle in over a decade led by iPhone 13. The Services business is further monetizing the Apple golden installed base and poised to reach $100 billion + annual revenue by 2024. We maintain our OUTPERFORM rating and $200 price target. Our bull case is $225.
Currently, AAPL is trading around $182, just shy of $3 trillion.
Please download the iClarified app or follow iClarified on Twitter, Facebook, YouTube, and RSS for more Apple updates.