Shares closed at $154.30 on Friday, a new record and extended those gains Tuesday after the tech giant confirmed its September 14th event.
Demand for the iPhone 13, according to Dan Ives of Wedbush, is solid. "Our Asia supply chain checks for 2H heading into Labor Day weekend continue to put iPhone builds between 130M-150M. The iPhone 13 appears to represent 35%-45% of iPhone builds in Q3" he wrote in a note to clients.
While Apple and CEO Tim Cook have hit the mark with new product innovation, following the lead of Apple founder Steve Jobs, this iPhone may take it a step further, according to Ives. He predicts it will have "an eye-popping 1 terabyte storage option which is double from the highest Pro storage capacity today (512GB)," he detailed.
That's just one of the features that may drive some of the "250 million of the current 975 million iPhones not upgrading their smartphones in over 3.5 years" to make the move Ives noted, citing his own estimates.
For the year, Apple's stock has gained 16.3%, which still lags the S&P 500 and Nasdaq Composite (20.8% and 19.2%, respectively).
Ives forecasts the stock can reach $185 per share topping $3 trillion in market value. Today it sits at $2.5 trillion.
The tech behemoth became the first company to cross the mark last August. Microsoft hit the exclusive milestone in June of 2021.
*This story, originally published on 9/4/21, has been updated.