Dan Ives Predicts Apple's Next Catalyst After iPhone 17 Surge As Cupertino Advances Toward The $4 Trillion Club
Wedbush analyst Dan Ives predicts that Apple Inc. is on the verge of joining the $4 trillion market cap club, driven by strong demand for the iPhone 17, particularly in China. Apple shares hit a 52-week high, closing at $262.24, up 3.94% for the day. Recent data shows iPhone 17 sales outpacing the iPhone 16 by 14% in the U.S. and China. Loop Capital upgraded Apple to Buy, raising its price target to $315, reflecting strong investor confidence in the company's fundamentals.
As Apple Inc. (NASDAQ:AAPL) comes closer to joining the $4 trillion market cap club, Wedbush analyst Dan Ives predicts the next big catalyst for the iPhone-maker.
Dan Ives: Apple Has A ‘Hit' With iPhone 17
On Monday, Ives wrote on X, formerly Twitter, "Our Asia checks show strong iPhone demand globally with further improvement in the China market, a key theme for Apple."
He continued saying, "With Apple on the doorstep of joining the $4 trillion market cap club, it's clear that Cook & Co. have a hit with iPhone 17. Now it's the AI roadmap."
His comments came as Apple shares reached a 52-week high of $264.38, closing at $262.24, up 3.94% for the day and 7.54% year-to-date, according to Benzinga Pro. The tech giant currently has a market cap of $3.89 trillion.
Data Confirms iPhone 17's Strong Start, Analysts See Multi-Year Growth
Fresh data from Counterpoint Research shows that Apple's iPhone 17 models outsold last year's iPhone 16 lineup by 14% across the U.S. and China during the first 10 days of launch.
Loop Capital upgraded Apple from Hold to Buy, raising its price target from $226 to $315.
Meanwhile, Apple CEO Tim Cook continues to strengthen ties with China, visiting employees and officials last week and attending the iPhone Air launch, which reportedly sold out within minutes.
According to Benzinga's Edge Stock Rankings, Apple ranks in the 74th percentile for Quality, signaling strong long-term fundamentals and investor confidence.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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