Dan Ives Says Apple Is Headed To $3 Trillion Market Cap

The current product development cycle will be the biggest one over the last decade for Apple Inc AAPL, Wedbush analyst Dan Ives said Monday on CNBC's "Squawk Box."

Product Pipeline: 2021 will be the strongest iPhone year Apple has ever had, Ives told CNBC. 

Ives expects Apple to release new Macbook, iPad and Airpods products in 2021. 

Next year, Ives said, he is anticipating a smart glasses product incorporating augmented and virtual reality.

He expects information to be released this summer in terms of partnerships for the recently announced plans for an Apple Car in 2024. 

Related Link: What Are The Short- And Long-Term Outlooks For Apple Stock?

Apple Valuation: The recent sideways movement of Apple is simply a digestion period that will be short-lived, Ives told CNBC.

The current price of Apple's stock is "a golden opportunity," he said, adding that a year from now, he expects Apple to have a $3 trillion market cap.

The value of Apple's services business alone will be over $1 trillion, Ives added. 

He expects Apple will lay the groundwork for its next stage of growth during its Worldwide Developers Conference, set to start today at 1 p.m. EDT.

Price Action: Apple has traded as high as $145.09 and as low as $80.19 over a 52-week period. It is down 5.12% year-to-date.

At last check Monday morning, the stock was down 0.64% at $125.09.

(Photo courtesy of Apple.)