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Apple Inc (Nasdaq: AAPL) is in focus this morning after it became the world’s first company to hit $3.0 trillion in market cap.

Citi sees further upside in Apple shares

Shares of the iPhone maker climbed another 2.0% this morning to $192.50 that pushed its valuation up to $3.03 trillion. In comparison, rival Microsoft Corp is worth around $2.5 trillion still.

Apple shares are now up more than 50% versus the start of 2023. Still, a Citi analyst continues to see a lot more upside in the California-based multinational.

On Friday, Atif Malik assumed coverage of Apple Inc with a “buy” rating and announced a Street high price target of $240 that suggests a further 25% upside from here.

The tech behemoth will report its Q3 results in the final week of July. Consensus is for it to earn $1.18 a share this quarter versus $1.2 per share a year ago.

Malik is bullish on the Apple iPhone

Malik is particularly bullish on the iPhone that currently makes up 70% of the company’s total product sales and beats all other products in terms of profit margins as well.

The Citi analyst is convinced that Apple shares can trade at 30 times its estimated per-share earnings for fiscal 2025 – 15% higher than its average multiple over the past three years. In his research note, he added:

Apple is navigating the macro slowdown and inflationary pressure on consumer spending by consistently gaining share from Android phones.

Earlier in June, Apple Inc unveiled the much-awaited “Vision Pro” mixed reality headset – its first major product release since 2014.

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