As Apple Inc. (NASDAQ: AAPL) comes closer to joining the $4 trillion market cap club, Wedbush analyst Dan Ives predicts the next big catalyst for the iPhone-maker.
Dan Ives: Apple Has A 'Hit' With iPhone 17
On Monday, Ives wrote on X, formerly Twitter, "Our Asia checks show strong iPhone demand globally with further improvement in the China market, a key theme for Apple."
He continued saying, "With Apple on the doorstep of joining the $4 trillion market cap club, it's clear that Cook & Co. have a hit with iPhone 17. Now it's the AI roadmap."
His comments came as Apple shares reached a 52-week high of $264.38, closing at $262.24, up 3.94% for the day and 7.54% year-to-date, according to Benzinga Pro. The tech giant currently has a market cap of $3.89 trillion.
Data Confirms iPhone 17's Strong Start, Analysts See Multi-Year Growth
Fresh data from Counterpoint Research shows that Apple's iPhone 17 models outsold last year's iPhone 16 lineup by 14% across the U.S. and China during the first 10 days of launch.
Loop Capital upgraded Apple from Hold to Buy, raising its price target from $226 to $315.
Meanwhile, Apple CEO Tim Cook continues to strengthen ties with China, visiting employees and officials last week and attending the iPhone Air launch, which reportedly sold out within minutes.
According to Benzinga's Edge Stock Rankings, Apple ranks in the 74th percentile for Quality, signaling strong long-term fundamentals and investor confidence.