Where will Apple stock be ten years from now?

Apple’s projected earnings growth rate indicates that the stock is built for terrific upside. And, the company’s entry into new markets could help it do even better over the next 10 years.

Harsh Chauhan for The Motley Fool:

The last decade has been a terrific one for Apple investors as the tech giant has witnessed a tremendous increase in revenue, earnings, and stock price thanks to the success of its various product lines and the growth of its services business.
The next decade, however, could be a better one for Apple, as it is reportedly working on new technologies that could help it tap into nascent but fast-growing industries that are expected to be worth hundreds of billions of dollars. Don’t be surprised to see Apple clocking faster growth over the next 10 years than in the previous one.

MacDailyNews Take: So much for “The Law of Large Numbers.”

[Morgan Stanley analyst Katy] Huberty estimates that entry into the autonomous electric car market could help Apple double its revenue and market cap in the long run. With the global autonomous vehicle market expected to grow at an annual rate of 63% through 2030 as per a third-party estimate, Apple could strike gold over here if it manages to deliver a compelling product and disrupt the autonomous vehicle market…
Apple could eventually dive into both the hardware and the software side of the metaverse. That would put it in a solid position to make the most of the multibillion-dollar metaverse opportunity. Third-party research estimates that the global VR headset market could grow at an annual pace of 28% through 2028, while the overall metaverse market is expected to clock nearly $830 billion in revenue by then.
The global smartphone market was reportedly worth $274 billion last year, and it is expected to clock an annual growth rate of 7.6% through 2030. At this pace, smartphone sales would generate close to $530 billion in revenue by the end of the decade. Apple is in a nice position to take advantage of this secular growth.
As a result, it won’t be surprising to see Apple’s earnings grow at a faster annual pace than analysts’ expectations of 15% for the next five years. If Apple clocks a 20% annual earnings growth rate for the next 10 years, its non-GAAP earnings could increase from $5.61 per share last year to almost $35 per share at the end of the forecast period.
The stock is now trading at 28 times earnings, and a similar multiple after 10 years would translate into a stock price of $980 based on the company’s estimated earnings mentioned above. That means Apple stock could rise nearly 470% over the next decade from its closing price of $172 on Feb. 11, which is why it would be a good idea for investors to continue holding this tech stock, as it seems built for more upside.

MacDailyNews Take: $980 per share? (Not counting any forthcoming split(s) over the next decade, of course.) Well, okay: from Chauhan’s lips to Mr. Market’s ears!
(Hopefully that 470% ten-year gain will be enough keep pace with inflation.