Apple hits $3.0 trillion market cap: ‘it could be a $250 stock’

Apple Inc (NASDAQ: AAPL) became the first U.S. company to hit $3.0 trillion in market cap on Monday, thanks to a nearly 3.0% jump in the stock price. The American multinational took less than four years to climb from $1.0 trillion to $3.0 trillion valuation.

Apple could be a beneficiary of the metaverse

On CNBC’s “Closing Bell”, Loup Ventures’ Gene Munster lauded Apple for hitting the milestone and said the company will drive further growth as a key player in the metaverse over the next couple of years.

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If you think about how Apple has powered the desktop computing revolution, you think about what’s happened in mobile and wearables, the next logical step, of course, is the metaverse. Ultimately, I believe that the company’s best days are still ahead.

According to Munster, AAPL “could be a $250 stock” that represents another 35% upside from here. If met, the bullish call will translate to a $3.8 trillion market cap for the iPhone maker. His outlook aligns with Citi’s Jim Suva, who also expects the stock to further rally in 2022.

Apple could preview its VR/AR headset this year

Munster expects Apple’s push into virtual and augmented reality to establish the tech giant as a notable beneficiary of the metaverse. He added:

They’re working on products, some of which are going to be phone-based, for example, augmented reality on your phone today. Others, we believe, will be wearables. We expect Apple will preview their mixed reality head glasses this year.

Munster, however, does not expect Apple’s VR/AR headsets to be available for sale until 2023. Late last year, the Cupertino-headquartered company also said it will launch a fully autonomous electric vehicle by 2025.