Shares of the Cupertino, Calif., company at last check were up slightly to $360.79.
Analyst Daniel Ives, who has an outperform rating on the stock, said in a note to clients that "5G is a key ingredient in Apple's next chapter of growth."
"[During] 2021 Apple has strong potential to be the first $2 trillion valuation given the 5G tailwinds and services momentum potential over the coming years," Ives said.
"In particular, we are seeing a continued demand snapback in China despite some speed bumps, and the stage is setting for a massive pent-up iPhone 12 cycle heading into the fall in this key region as well as globally."
Ives said 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."
"The supply chain getting back to normalization ahead of expectations has been impressive and now ultimately puts (Chief Executive Tim) Cook & Co. back in the drivers seat to launch this 5G cycle in its typical mid-late September time frame," Ives said.
Barclays analyst Tim Long also noted the importance of China to the company's success as he raised his price target for Apple to $326 from $288 following his virtual Asia trip.
"We are adjusting our iPhone estimates post-virtual Asia trip," Long said. "Supply-chain check indicates order trend is tracking OK, with SE2" - a smaller budget phone Apple recently introduced - "being stronger and iPhone 11 recovering gradually."
Long, who keeps an equal-weight rating on the stock, also sees "increasing evidence of Apple taking aggressive effort to control (bill of materials) cost to maintain margins given added features while still driving upgrades."
Separately, U.S. antitrust authorities reportedly are preparing a probe into the tech giant's App Store.