Apple stock jumps above $3 trillion valuation for the first time since January 2022
But Wedbush analyst Dan Ives thinks its the iPhone that will continue to drive solid growth for Apple for years to come, pointing to the company' upcoming iPhone 15 anniversary edition as a likely catalyst that could continue to drive the stock price higher as older iPhone users upgrade their devices.
"We estimate roughly 250 million iPhones have not been upgraded in over four years and sets Apple up for a major installed base upgrade cycle heading into this anniversary 15 year release," Ives said in a recent note. Also helping Apple's iPhone business is the fact that its average selling price continues to rise as it releases iPhones with larger screens and better cameras. The average selling price for an iPhone could approach $925 with the upcoming iPhone 15 release, according to Ives. The first iPhone was released in 2007 at a starting price of $499.followed by a $4 trillion valuation that could come as soon as 2025.
It took Apple 42 years from its founding in 1976 to grow to a $1 trillion valuation when it hit that threshold in August 2018. The company surpassed a $2 trillion valuation just two years later, in 2020. Three years after that, the company is now worth $3 trillion.
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