Cantor Fiztgerald analyst Brian White thinks Apple's future is so bright that he raised his 12-month target price for the company's stock from US$160 up to $180, which would put its market cap up over $1 trillion. He said the launch of Apple Watch, iPhone growth in China, and the iPhone and iPad maker's potential with its rumored electric car will all help to push the stock value higher.
Analyst: Apple's market cap will hit $1 trillion soon
Mr. White told investors Apple will see another upswing thanks to China's growing 4G cell network, and from iPhone sales in the country after the next handset upgrade is released. He added that he expects Apple will give back even more money to shareholders, and that we'll see more handed out in April, according to Bloomberg.
Apple's current market cap is sitting at $744 billion thanks to its stock price at about $127.
Mr. White isn't the only analyst tossing about trillion dollar market caps. Morgan Stanley's Katy Huberty told investors earlier this month she thinks Apple could top $3 trillion in the next five years as the company finds more ways to be a bigger part of our daily lives.
She said Apple is working to expand its platforms, which will help the company avoid losing marketshare to competitors. She added that Apple "want their products and content to be ubiquitous and available everywhere."
Apple's market cap is still measured in the billions of dollars, but if both analysts are right, it may not be long before that number jumps to trillions.
Apple is currently trading at $127.09, down 0.12 (0.10%).