Will Apple Hit $3 Trillion Market Cap This Week?

After a not-so-enterprising first-half of the year, Apple, Inc. AAPL shares began picking up steam in the second-half. An analyst at Wedbush said Sunday, Cupertino is inching closer to a milestone.

Apple On Doorstep Of $3T Market-Cap: Apple is on pace to become the first $3 trillion market-cap company this week, as investors begin to better appreciate the company's robust fundamental story into 2022, analyst Daniel Ives and a prominent Apple bull said in a note.

"Hitting $3 trillion is another watershed moment for Apple as the company continues to prove the doubters wrong with the renaissance of growth story playing out in Cupertino," the analyst said in the note.

The "linchpin" to Apple's valuation rerating, according to the analyst, is the company's Services business, valued at about $1.5 trillion by the Street, and its flagship hardware ecosystem, which is in the midst of its strongest product cycle in over a decade.

Ives noted that the iPhone growth story is playing out into 2022 despite supply chain issues. The analyst is also anticipating new product introductions such as the highly anticipated AR headset Apple Glasses, which will likely make its debut in the second-half of 2022.

Related Link: Apple Analyst: Cupertino's Stock Is Attractive Versus Other Mega Caps Despite Valuation

What It Would Take For Stock To Reach The Milestone: Apple closed Friday's session up 2.80% at $179.45, and added an incremental 0.22% to $179.84 in after-hours trading.

At Friday's close, Apple had a market capitalization of $2.944 trillion.

Apple has 16.41 billion shares outstanding, according to the Yahoo database. For the company to hit the magic number of $3 trillion, the stock has to reach $182.8, which is merely $3.35 more than its Friday's close. It appears to be a very doable target for the shares, which added $17.61 in the week ending Dec. 10.

Apple is currently the most valued company in the world. The second-ranked Microsoft Corporation MSFT, which is the only other company in the $2 trillion club, has a valuation of $2.572 trillion.

Ives has an Outperform rating on Apple shares and a $200 price target, with a bull-case price target of $225.

Related Link: Why Apple's 'AR/VR Opportunity' Gets This Analyst Excited About Cupertino's Growth Prospects