Apple close to the record. The value may exceed $4 trillion

Thanks to the iPhone maker’s lucrative growth prospects, Apple could become the first company in history to reach a valuation of $4 trillion.

Good times for Apple

That’s according to brokerage and advisory firm Wedbush, which has seen Apple shares rally for months as the tech giant launched its latest iPhone.

Wedbush strategists recently raised their price target for the company to $250 per share, up about 26% from Wednesday’s price of about $197.

“We believe Apple will reach its first market capitalization of $4 trillion by the end of 2024, given the rate of growth and monetization we estimate for Cupertino in the coming year,” the strategists said Tuesday in another note.

iPhone 15

Wedbush estimated demand for the latest iPhone to be between 220 million and 230 million units in the fiscal year and could increase if more users than expected upgrade their iPhones.

About 25 percent of Apple’s 1.2 billion users have not undergone an update in about four years, strategists said in a previous note, adding that the launch of the iPhone 15 marked the beginning of a “mini supercycle” for the company.

Some investors have become wary of Apple’s prospects due to rising tensions between the U.S. and China and concerns that the Chinese government’s crackdown on the iPhone could increase. But the issue is “very manageable,” Wedbush said, adding that the latest bans have not significantly impacted iPhone demand, according to recent industry audits.

Meanwhile, the company’s services revenues are growing double-digit and it is estimated that revenues alone could reach as much as $1.6 trillion.