The iPhone maker’s shares are down about 5% year-to-date. Earlier this year, investors dumped the company’s stocks following a historic December quarter.
Apple is the world’s most valuable company with a current market cap of around $2.1 trillion. It crossed the first trillion in 2018 and the $2 trillion mark in 2020. Analysts, including Ives, have previously talked about Apple’s roadmap to the record $3 trillion mark.
We think ultimately 12 to 18 months from now, Ives told CNBC’s Street Signs Asia on Tuesday when asked about a possible timeline to the next milestone.
If you look at the innovation, if you look at the supercycle playing out in the services business right now, I believe this is just sort of the next stage of growth, Ives said, adding it is set to prove to skeptics that Apple remains focused on innovation.
In late April, Ives increased Apple’s price target from $175 a share to $185, maintaining an outperform rating on the stock. Apple’s shares closed at $125.90 per share during normal trading hours on Monday.