According to New York-based brokerage firm Cantor Fitzgerald and its analyst Brian White, technology giant Apple Inc (AAPL - Analyst Report) is poised to reach a market value of $1 trillion. Shares of the company could rise to $180 each, valuing the company at $1.05tn based on Apple’s share count on January 9.
White and Cantor Fitzgerald are linking Apple’s price increase to the company’s growing position in China, as well as the launch of the Apple Watch, its first new product category in 5 years. “Next month, Apple will enter its first new product category in five years, while media reports over the past several weeks have highlighted potential new areas of future innovation. Also, we believe Apple's iPhone portfolio and position in China have never been stronger. Finally, Apple has shown its commitment to returning cash to shareholders, and we expect more in April,” said White.
The $1 trillion price target puts Cantor Fitzgerald at the top of the list of optimistic Apple investors. It puts the brokerage firm ahead of First Shanghai Securities’ $165 per share mark and the $160 per share prospect from Piper Jaffray & Evercore.
More than 70% of analysts, including those at Zacks Investment Research, rate Apple stock a “Buy.”
In addition to its highly-anticipated Apple Watch and expansion in China, the expected launch of an Internet streaming television service could boost the company’s future prospects, too.
After the bell, shares of Apple rest at $127.24, and they steadily rose for the majority of the day. The company sits at a Zacks Rank #2 (Buy).
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