Apple Inc (AAPL) - Get Apple Inc. (AAPL) Report is teed up to become the first company to reach $1 trillion in market cap, RBC Capital analysts said in a Wednesday note.

Apple has gained $56 billion in market value since it announced increasingly optimistic guidance for its third quarter last week, bringing its current market value to $826.85 billion. RBC said Apple stock has plenty of upside left as it closes in on the mid-September launch of the 10th anniversary iPhone.

RBC said Apple's stock price has a median return rate of 15.6% in the 90 days prior to a new product cycle launch historically. Apple's strong gross margin performance and improving China sales next quarter could sustain that momentum beyond the launch of the new products.

RBC reiterated an "outperform" rating for the stock, with a $176 price target. Analysts have a base case of $10.50 in earnings per share for the third quarter, but their bull case has earnings totaling $12 per share or above.

Apple stock traded down 2.28% to $156.79 at midday Thursday. It's up 35% this year.

But in 60 seconds, I will tell you why Apple is going to a $2 trillion market cap by the year 2027.

Because, why talk about Apple at $1 trillion like said analyst? That's old news, since it's likely to happen within the year.

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For all intents and purposes, Apple is an undervalued bank. Solving the issue of how to use Apple's exploding cash pile will be one of the biggest tasks of Tim Cook's successor. Expect the company to finally realize it must go on a serious shopping spree to form the tech version of Berkshire Hathaway (BRK.B) - Get Berkshire Hathaway Inc. Class B Report . In no way is the market pricing in an Apple that owns both Uber, Tesla (TSLA) - Get Tesla Inc Report and Twitter (TWTR) - Get Twitter, Inc. Report by the year 2027.

No one has created the gadget that replaces the iPhone in one's everyday life. Alphabet has failed with smart-glasses. Snap (SNAP) - Get Snap, Inc. Class A Report embarrassed itself with Spectacles. Amazon (AMZN) - Get, Inc. Report failed in smartphones. As long as the iPhone stays central to our daily lives, Apple will keep its flywheel humming. 

You have to believe Apple is working on something transformational in the areas of self-driving cars and artificial intelligence. Whatever comes from these currently secret products could prove to be the next standard in how we live our lives. 

Quiz:How Well Do You Remember the First iPhone?

Those are the basics. Warren Buffett, which owns 133 million shares of Apple, is probably feeling pretty good about all of this fanboy-ism -- as he should. His successor at Berkshire will be quite happy by the year 2027, that much is for sure (provided he/she doesn't unload Apple shares).

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

This article originally appeared at 07:50 ET on Real Money, our premium site for active traders. Click here to get great columns like this from Jim Cramer and other writers even earlier in the trading day

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