Apple could soar to $3trn valuation on plans for electric car and new iPhone      

Developing the Apple Car could boost the company’s sales by 10% to 15% after 2024, analysts say

With a market cap of about $2trn currently, Apple is already the most valuable stock in the world.

Apple's shares could reach a market capitalisation of $3trn, analysts say, citing the development of the Apple Car as well as high expectations for the next iPhone.

Citigroup and Wedbush see potential for the tech giant to hit the milestone, an increase that implies an almost 50% surge from its current valuation.  

With a market cap of about $2trn currently, Apple is already the most valuable stock in the world.

Developing the Apple Car could boost the company’s sales by 10% to 15% after 2024, Citigroup analyst Jim Suva wrote in a note. By 2025, he expects the worldwide electric vehicles market to outgrow the combined market for smartphones, PCs, tablets and wearables.

Wedbush analyst Daniel Ives, whose price target for Apple is a Wall Street-high $175, also sees a $3trn valuation on the horizon. In a note earlier this week, he called recent declines in the stock a “golden buying opportunity”, expecting the upcoming iPhone 13 to be a “game-changer”, with supply chain data pointing to greater output rates than for the previous generation.

Apple’s shares have slid about 17% since reaching a record high at the end of January amid a rotation out of high-flying tech stocks. They declined at one stage in the latest US trading session as worries over rising bond yields hit the tech sector more broadly. 

• Bloomberg