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Apple Inc (NASDAQ:AAPL) closed up 2.3% to $193.97, taking its market cap to $3.05T. Apple topped the $3 trillion mark for the first time in January 2022, but failed to close above the milestone.
The nearly 50% rally in Apple in the first half of the year comes as some suggest that Wall Street has underestimated how many iPhone users upgraded their phones last year, with more likely to do the same, when Apple releases its iPhone 15.
“The Street has severely underestimated the massive installed base upgrade opportunity around iPhone 14 and now a mini super cycle iPhone 15 ahead with roughly 25% of Apple’s golden customer base not upgrading their iPhones in over 4 years,” Wedbush said, touting further gains for Apple ahead.
“We believe Apple’s fair valuation could be in the $3.5 trillion range with a bull case $4 trillion valuation by 2025,” it added.
