Apple’s market value is about to surge past $3 trillion and beyond – analyst

Apple’s market value is about to surge past $3 trillion and beyond by this time next year, Wedbush Securities’ senior tech analyst Daniel Ives says.

Ian Krietzberg
 for TheStreet:

Apple’s stock has been on a bit of a slide this month, and even the unveiling of the highly anticipated iPhone 15 didn’t help… The shares were off 6.2% in September through Tuesday and at last check they were off 0.8%, tugging the market cap down to $2.76 trillion.
Calling the dip a “knee-jerk reaction,” Ives maintained that the unveiling was a “flex the muscles moment” for Apple, featuring Cupertino’s growing pricing power in the midst of a “mini super cycle that’s going to play out despite many of the bears’ skepticism building.” 
And while Apple’s revenue has been trending downward for the past few quarters, Ives says the company is simply gearing up for another enormous surge in growth. The current stock slide and slightly negative revenue trend are nothing more than the transition to Apple’s next big growth stage. 
“Services now starting to uptick to double-digit growth, and I think the most important thing, 25% of the install base has not upgraded their iPhone in four-plus years,” Ives told CNBC. “We sit here a year from now, Apple is toward $3.5 trillion, not the opposite.”

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MacDailyNews Take: In July, Morgan Stanley analyst Erik Woodring wrote in a note to clients that India is, and will continue to be, a key growth driver for Apple. Woodring thinks that over the next five years, India will account for 15% of Apple’s revenue growth, eventually reaching 20% of its installed base of device users. Woodring recently lifted his Apple target price to $220 from $190, with a “bull case” of $270. If that happens, Apple would blow past $4 trillion, on the way to $5 trillion.
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