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Apple Hits $2 Trillion Market Cap, Doubling in Two Years

Apple hit a $2 trillion market capitalization, doubling in two years, and many analysts look for more gains.
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Apple  (AAPL) - Get Apple Inc. (AAPL) Report Tuesday became the first U.S. company to reach a $2 trillion market capitalization, after hitting $1 trillion just two years ago.

The Cupertino, Calif., consumer electronics colossus on July 31 had passed oil titan Saudi Aramco for No. 1 market cap in the world.

Apple shares recently traded at $467.76, up 1.2%. The stock has jumped 59% so far this year, compared with a 5% increase for the S&P 500. And many analysts see more gains ahead.

Wedbush Securities' Dan Ives, a longtime Apple bull, last week boosted his price target to $515 a share, $35 higher than his prior estimate and the highest on Wall Street.

He argues that the market is underestimating the buildup in consumer demand for Apple’s next product cycle, which he expects to consist entirely of 5G-compatible devices.

"While the soft macro and covid backdrop are weighing on near-term consumer demand trends, Apple has a ‘once in a decade’ opportunity over the next 12 to 18 months, as we estimate roughly 350 million of Cupertino's 950 million iPhones worldwide are in the window of an upgrade opportunity," Ives wrote.

"Taking a step back we believe iPhone 12 represents the most significant product cycle for [Chief Executive Tim] Cook & Co. since iPhone 6 in 2014 and will be another defining chapter in the Apple growth story looking ahead, despite a softer consumer spending environment.”

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