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.

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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 through the next product cycle, but their bull case has earnings totaling $12 per share or above.

Apple stock is slightly down 0.46% premarket to $159.35 per share. It's up 38% this year.

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