Apple could be a $1 trillion company within the next year, top analyst says

Apple will be the first $1 trillion company within the next year thanks to the iPhone X, a “major upgrade cycle” and a “renaissance” in China, GBH Insights said in a note Thursday.

The tech giant’s market capitalization — which refers to the total value of all of a company’s stock in circulation — currently sits at $868.1 billion.

Analyst Daniel Ives of GBH Insights said that over the next 12 months, Apple’s shares could trade between $210 and $230. At the higher end of this range, it would represent nearly 35 percent upside from Wednesday’s closing price.

Ives explained the factors he expects to drive the share price higher.

Firstly, he said the iPhone 8, 8 Plus and X launches will sell more than the peak iPhone 6 upgrade cycle. This would mean 258 million iPhone units for Apple’s fiscal year to the end of September 2018, exceeding the record 231 million shipped in the fiscal year ending September 2015.

GBH Insights forecasts that there are over 350 million users with iPhone models that are at least two years old. A “sizeable portion” of these users could upgrade.

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