Apple will be worth $4.0 trillion by the end of 2024: Wedbush analyst

Apple Inc (NASDAQ: AAPL) is on course to end 2023 at an all-time high but a senior Wedbush Securities analyst is convinced that the coming year will be another strong one for the iPhone maker.

Apple stock has upside to $250

Dan Ives reiterated his “outperform” rating on the tech titan in a research note this morning and said its shares could climb to $250 which suggests a 27% upside from here.

The analyst is bullish on Apple stock primarily because he’s convinced that the multinational is headed for a strong holiday season.

All-in-all, he expects Apple Inc to be worth $4.0 trillion by the end of 2024.

Ives is bullish on Apple’s services business

The Nasdaq-listed firm paused sales of two of its latest smartwatches in the United States this week following a patent dispute.  

But the Wedbush Securities analyst remains positive on Apple stock as its services business alone could be worth $1.5 trillion to $1.6 trillion, as per his research note on Wednesday.

Apple reported $22.3 billion in revenue from “services” in its fourth financial quarter – up 16% year-on-year. In November, the tech behemoth proposed to end its partnership with Goldman Sachs as Invezz reported here.