A U.S based private financial services and investment firm, Wedbush, estimated on Tuesday that the largest U.S company by market value, Apple Inc., can be expected to hit the $2 trillion valuation mark towards the end of 2021. Dan Ives, a tech analyst at Wedbush cited the rising demand for Apple’s services segment and the upcoming 5G network for the overly bullish forecast for the upcoming years.
Dan Ives Expects Apple To Hit $400 In The Stock Market By The End Of 2020
As per the sources, Ives has a reputation of Wall Street’s largest bull on Apple’s stock. The analyst currently has a price target of $350 for the next we months. In his recent statement, Ives highlighted that he expects the stock to be trading around $400 by the end of this year that will mark an over 30% gain for Apple as compared to its current price in the stock market. As of writing, the stock is exchanging hands at around $312.
The U.S tech giant is currently valued at $1.389 trillion. The company noted a massive 86% hike in 2019 in the stock market and has already recorded an 8% growth since the start of the new year.
According to Ives, Apple’s services unit is likely to push higher to $500 to $650 billion in sales to come out as a crucial source of revenue for Apple in the upcoming years. The analyst also highlighted that the transformational 5G supercycle is likely to extend further in the next years that’ll see an even sharper increase in iPhone 11’s global demand.
UBS Raises Its Price Target For Apple To $355 For 2020
In separate news, the Swiss multinational investment bank and financial services company, UBS, also revised its forecast for Apple to a much higher $355 on Tuesday. In its previous estimate, UBS had expected Apple to hit $280 by the end of 2019 that it already did. The Swiss company also accentuated the rising demand for Apple’s iPhones to contribute to the further hike. As per FactSet, UBS is the third-largest bull for Apple’s stock after D.A Davidson that forecasted a $375 price target on Monday and Wedbush.
UBS also performed an independent survey that showed that over 20% of the respondents see 5G as a desirable feature that consequently saw a sharp increase in purchase intent in multiple regions across the world. According to the bank, Apple is likely to register $196 million in iPhones’ sales in fiscal 2020. This will mark a significant 5% year over year growth for the U.S tech giant.