As shares of Apple (AAPL) continue making higher highs, major equity firms believe the upside could continue, prompting the world’s largest publicly traded company toward a massive market cap level of $1 trillion.
“It’s an attractively priced, double-digit returner,” Steve Einhorn of Omega Advisors said in a recent interview with Reuters. “We own it, and we like it. The company could reach the trillion-dollar mark, “eventually.”
Joining him was Alexander Alternative Capital‘s Michael Corcelli who said Apple’s market cap could hit $1 trillion next year.
“[W]ithout a doubt,” he said, citing the tech giant’s popular tablet and iPhone lines going into the holiday shopping period, when retail sales generally surge.
“Right now Apple is the most obvious thing that has to go up,” Corcelli added.
Carl Icahn, who owned almost 53 million shares of Apple as of the end of Q3, told Reuters “Apple is one of the best companies I would say of the last few decades”. Because the name is undervalued and has $135 billion in cash and liquid assets, “it’s like a no-brainer to buy your own stock back.”
Icahn stopped short of placing a fair value on the future potential for Apple shares. “That’s a question that is extremely hard to answer,” he said.
AAPL is currently changing hands at $115 change, up $1.11, or 0.97 percent. The stock is up 55% year/year, and 44% year-to-date.
Apple’s current market cap stands at about $670.34 billion. To put Cupertino’s value in perspective, search giant Google (GOOG) currently has a market cap of $365.34B/$546.10, Microsoft (MSFT) is valued at $406.61B/$48.84, Amazon.com (AMZN) at $148.56B/$325.42, and eBay (EBAY) is $68.54B/$55.34.