Apple could achieve 2 trillion dollor market cap

Apple could achieve 2 trillion dollor market cap
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San Francisco: Riding on its growing services and wearables business, Apple may become the first company ever to touch the $2-trillion valuation mark i...

San Francisco: Riding on its growing services and wearables business, Apple may become the first company ever to touch the $2-trillion valuation mark in next four years, a top analyst has forecast.

Apple was the first US company to cross the $1-trillion mark in 2018. According to market research firm Evercore ISI, the Cupertino-based iPhone maker would also be the first firm to surpass $2 trillion, reports Barron's. In an investor note first spotted by Barron's, famed analyst Amit Daryanani has listed what Apple needs to do to cross the $2-trillion threshold. One of the keys to achieve this is Apple's growing Services and Wearables businesses.

In the Wearables business, the analyst expects growth to $60 billion owing to the expansion of AirPods and Apple Watch. The Services business could grow to $100 billion in the next four years. The analyst expects Apple to continue aggressively buying back stock.

"Apple would reduce its share count by about 1 billion shares in the forecast period, from 4.6 billion at the end of fiscal 2019 to 3.6 billion in fiscal 2024. At that share count, the market cap would hit $2 trillion if the stock price was just over $550," Daryanani wrote.

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