Apple (AAPL) - Get Apple Inc. (AAPL) Report shares are up another 4.2% to $492.74 in trading Friday, reaching another new all-time high ahead of its plan to execute a 4-for-1 stock split at the end of the month.
Earlier this week, Apple became the first U.S. company to reach a $2 trillion market capitalization, doubling its valuation from just two years ago. Its market cap now stands at $2.1 trillion.
Wedbush analyst Dan Ives said Friday morning that the stock has a lot more room to run despite its unprecedented valuation thanks to an upcoming iPhone 12 "supercycle" on the near-term horizon.
"China remains a key ingredient in Apple’s recipe for success as we estimate roughly 20% of iPhone upgrades will be coming from this region over the coming year," Ives wrote. "To this point we are seeing considerable strength from the China region over the last few months, a dynamic we expect to continue heading into the next 6 to 9 months."
Ives has an outperform rating and $515 price target on the company, but his bull case estimate is for the stock to reach $600.
While Apple said it's splitting shares in order to make its stock "more accessible to a broader base of investors," Apple Maven Daniel Martins says that the stock split amounts to little nowadays as several top-tier brokers already offer fractional share ownership, meaning investors don't have to pay the full share price to own a piece of Apple. But he acknowledges that the split could matter if enough investors think it matters, as well as to certain index-based investors.
Year to date, Apple's stock is up nearly 70%.