Apple's Path to $4 Trillion Valuation: A Wedbush Analysis

Wedbush's Optimistic Projection: Apple is set to become the first $4 trillion company by the end of 2024, with a current market cap of $2.99 trillion. The investment research firm raised its price target for Apple to $250 per share, implying a 30% upside.

Strong Holiday Season Expectations: Wedbush anticipates a robust holiday season, translating into iPhone 15 growth surpassing Street estimates for the December quarter. This momentum is a key driver towards the projected $4 trillion valuation.
Anticipated iPhone 15 Production: The firm estimates Apple could manufacture up to 240 million iPhone 15 units in 2024, driven by a strong upgrade cycle in the US and China. China alone is expected to generate demand for around 100 million new iPhones, positioning Apple favorably despite geopolitical tensions and competition.
Services Revenue Surge: Revenue from Apple's services segment is on the rise, estimated by Wedbush to be worth as much as $1.6 trillion. This surge in services revenue is considered a crucial factor influencing the stock's near-future value.

Strategic Outlook: Wedbush sees 2024 as a "golden opportunity" for investors to own Apple stock, emphasizing the combination of strong iPhone sales and a potential renaissance of growth in Cupertino.
Tech Bull Market Ahead: With a growing iPhone business and the beginning of a new tech bull market, Apple is positioned strongly for a successful year in 2024, according to Wedbush.

Consistent Optimism: The investment research firm, a long-time Apple bull, remains optimistic about the tech giant's future, particularly in the context of the broader mega-cap tech rally in 2023. This optimism is fueled by the estimated $1 trillion AI spending expected over the next decade.