CNBC’s Jim Cramer agrees with new Wall Street research that said Apple could be the first company to hit a whopping $4 trillion market capitalization.
Wedbush forecast that the Big Tech name, which currently has a $3.07 trillion market cap during Wednesday trading, could hit the milestone by the end of 2024. In the Wednesday research note, analysts claimed Apple’s “growing iPhone business” and a boost in Services revenue should accelerate growth further.
“I think this is reasonable research at this point with a stock that is not parabolic,” Cramer said, siding with analysts’ claims that speculation around weakening iPhone 15 demand and negative reports around Apple’s China market are not real risks to the tech behemoth.
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Wedbush estimated that Apple’s key Services segment could be worth up to $1.6 trillion on a standalone basis in 2024. Revenue for the business, which includes offerings such as Apple Pay and the App Store, notched a new record of $22.3 billion last quarter. To analysts’ already bullish call for Apple’s Services segment, Jim responded, “I think that’s low.”
Apple shares, a holding in Jim’s Charitable Trust, edged slightly higher Wednesday. Shares have gained more than 50% year to date. As always, Jim says, “own it, don’t trade it.”
Here’s a full list of the stocks in Jim’s Charitable Trust, the portfolio used by the CNBC Investing Club.