Despite worries about an iPhone 8 delay, Apple has had an incredible year and it looks like things are only going to get better for its stock value. According to reports, the Cupertino tech giant has received its highest-ever price target — one that would put its valuation in excess of $1 trillion USD. Apple’s stock is currently up over 31% this year — to $153.16 USD as of this afternoon — but investment bank Drexel Hamilton expects it to climb significantly higher in the next 12 months. Its projection? A rise in value to $202 USD. Should Apple indeed reach that projection, it would be worth an astounding $1.053 trillion USD.
“In our view, Apple’s quarterly results will be less important this summer as investors are focused on the iPhone 8 this fall, along with the company’s raised capital distribution initiative, depressed valuation, and potential new innovations,” says Drexel Hamilton equity analyst Brian White in a note to his clients. “We believe Apple remains among the most underappreciated stocks in the world.”