Experts at investment bank Citigroup predict a 30% surge in Apple shares in the near term.
Earlier, the IT giant’s stock showed impressive growth and peaked at its all-time highs. Such a steep rise boosted Apple’s market capitalization to over $3 trillion.
In late June, Citigroup analysts started coverage of the iPhone maker with a buy rating and $240 price target, the highest figure in the past few months. This year, Apple stock has gained 46%.
On June 29, the tech behemoth saw its share value swell to a record level of $189.59. At the end of last week, its share price added another 0.3%. Consequently, Apple’s market capitalization reached $2.98 trillion and rose to $3 trillion afterward.
Citigroup analysts believe that Apple’s potential for continued gross margin expansion is undervalued. They say it will be driven by a shift toward higher-end iPhones and the company's growing market share in China and India. In addition, Apple is consistently increasing sales of Android phones.
