Bullish Analyst Says Apple Has Potential to Become Trillion Dollar Company Within 18 Months

apple red logoApple has the potential to become a trillion dollar company by 2019, according to RBC Capital Markets analyst Amit Daryanani.

In a research note on Monday, Daryanani said Apple could reach or exceed a trillion dollar market cap within the next 12 to 18 months.

An excerpt from Daryanani's research note, edited slightly for clarity:

In aggregate, we see a scenario where in the 2019 fiscal year, Apple sustains $12+ earnings per share and, assuming the valuation frameworks remains stable/improves, it should get AAPL stock toward $192–$195, which would equate to a market cap above $1 trillion.

Daryanani believes the so-called "iPhone 8" and the upgrade supercycle it's expected to drive will be a major catalyst towards Apple's path to a trillion dollar valuation. Looking further ahead, he thinks there is potential for Apple to continue growing its Services category revenue by double digits year over year.

Longer-term, we think there is potential for Apple to continue growing Services revenue by double digit year-over-year given the company's expanding installed base [of devices], increasing App Store sales within the current installed base, demand for cloud storage/compute services, and further adoption of Apple Pay.

Apple's Services category brought in $7.17 billion last quarter, from $6 billion in the year-ago quarter, representing 18 percent year-over-year growth. Apple CEO Tim Cook said the Services category is already the size of a Fortune 100 company, with hopes to double the category's revenue by 2020.

Earlier this month, Apple's market cap surpassed the $800 billion mark for the first time ever as the company's shares traded above $153. RBC has raised its Apple stock price target to $168, up from $157, given the upside it anticipates from the iPhone 8 and increasing services-related revenue.

Wall Street analyst Brian White also raised his 12-month price target for Apple's stock to $202, up from $185, earlier this month. White believes Apple "remains among the most underappreciated stocks in the world," and his bullish price target suggests the company could be valued at a trillion dollars within the next year.

Popular Stories

AirPods Pro Firmware Feature

Apple Releases New Firmware for AirPods Pro 2, AirPods Pro 3, and AirPods 4

Thursday November 13, 2025 11:35 am PST by
Apple today released new firmware designed for the AirPods Pro 3, the AirPods 4, and the prior-generation AirPods Pro 2. The AirPods Pro 3 firmware is 8B25, while the AirPods Pro 2 and AirPods 4 firmware is 8B21, all up from the prior 8A358 firmware released in October. There's no word on what's include in the updated firmware, but the AirPods Pro 2, AirPods 4 with ANC, and AirPods Pro 3...
CarPlay Pinned Messages

iOS 26.2 Adds New CarPlay Setting

Thursday November 13, 2025 6:48 am PST by
iOS 26 extended pinned conversations in the Messages app to CarPlay, for quick access to your most frequent chats. However, some drivers may prefer the classic view with a list of individual conversations only, and Apple now lets users choose. Apple released the second beta of iOS 26.2 this week, and it introduces a new CarPlay setting for turning off pinned conversations in the Messages...
Tesla Charging

Tesla Working to Add Apple CarPlay Support to Vehicles

Thursday November 13, 2025 8:31 am PST by
Tesla is working to add support for Apple CarPlay in its vehicles, Bloomberg's Mark Gurman reports. Tesla vehicles rely on its own infotainment software system, which integrates vehicle functions, navigation, music, web browsing, and more. The automaker has been an outlier in foregoing support for Apple CarPlay, which has otherwise become an industry standard feature, allowing users to...
tvOS 26 Profiles

tvOS 26.2 Adds a Useful New Feature to Your Apple TV

Friday November 14, 2025 10:02 am PST by
Starting with the upcoming tvOS 26.2 update, currently in beta, additional profiles created on the Apple TV no longer require their own Apple Account. In the Settings app on the Apple TV, under Profiles and Accounts, anyone can create a new profile by simply entering a name and indicating whether the profile is for a kid. The profile will be associated with the primary user's Apple Account,...
iPhone Pocket Short

iPhone Pocket Now Available to Order, But Already Selling Out

Friday November 14, 2025 6:20 am PST by
Apple recently teamed up with Japanese fashion brand ISSEY MIYAKE to create the iPhone Pocket, a limited-edition knitted accessory designed to carry an iPhone. iPhone Pocket is available to order on Apple's online store starting today, in the United States, France, China, Italy, Japan, Singapore, South Korea, and the United Kingdom. However, it is already completely sold out in the United...
homepod mini thumb feature

New HomePod Mini, Apple TV, and AirTag Were Expected This Year — Where Are They?

Wednesday November 12, 2025 11:42 am PST by
While it was rumored that Apple planned to release new versions of the HomePod mini, Apple TV, and AirTag this year, it is no longer clear if that will still happen. Back in January, Bloomberg's Mark Gurman said Apple planned to release new HomePod mini and Apple TV models "toward the end of the year," while he at one point expected a new AirTag to launch "around the middle of 2025." Yet,...
iOS 26

iOS 26.2 Available Next Month With These 8 New Features

Tuesday November 11, 2025 9:48 am PST by
Apple released the first iOS 26.2 beta last week. The upcoming update includes a handful of new features and changes on the iPhone, including a new Liquid Glass slider for the Lock Screen's clock, offline lyrics in Apple Music, and more. In a recent press release, Apple confirmed that iOS 26.2 will be released to all users in December, but it did not provide a specific release date....
m1 chip slide

Five Years of Apple Silicon: M1 to M5 Performance Comparison

Monday November 10, 2025 1:08 pm PST by
Today marks the fifth anniversary of the Apple silicon chip that replaced Intel chips in Apple's Mac lineup. The first Apple silicon chip, the M1, was unveiled on November 10, 2020. The M1 debuted in the MacBook Air, Mac mini, and 13-inch MacBook Pro. The M1 chip was impressive when it launched, featuring the "world's fastest CPU core" and industry-leading performance per watt, and it's only ...
Tim Cook WWDC 2018

Report: Tim Cook to Step Down as Apple CEO 'as Soon as Next Year'

Saturday November 15, 2025 2:40 pm PST by
Apple is preparing for Tim Cook to step down as CEO of the company "as soon as next year," according to the Financial Times. The company's board of directors and senior executives "recently intensified preparations for Cook to hand over the reins," the report said. While the report said that Apple is unlikely to name a new CEO before its next earnings report in late January, it went on to ...
walmart new ornametns

Walmart Black Friday Deals Begin Today With Low Prices on Headphones, TVs, and More

Friday November 14, 2025 7:55 am PST by
Walmart's Black Friday sale has officially kicked off today, with an online shopping event that's also seeing some matching deals in retail locations. There are quite a few major discounts in this sale, including savings on headphones, TVs, and more. Note: MacRumors is an affiliate partner with Walmart. When you click a link and make a purchase, we may receive a small payment, which helps us...

Top Rated Comments

Sunny1990 Avatar
111 months ago
Apple CEO Tim Cook said the Services category is already thesize of a Fortune 100 company, with hopes to double the category's "revenue" by 2020. :- Macrumors quote

Remember Once Former CEO of Apple Said :-

"I was worth about over a million dollars when I was 23 and over ten million dollars when I was 24, and over a hundred million dollars when I was 25 and... it wasn't that important — because I never did it for the money."

"Apple's goal isn't to make money. Our goal is to design and develop and bring to market good products.... We trust as a consequence of that, people will like them, and as another consequence, we'll make some money. But we're really clear about what our goals are."

Times have changed,seems like now it's more for the money,Well done Tim Cook
Score: 21 Votes (Like | Disagree)
WarHeadz Avatar
111 months ago
Apple will have to release more than just watch bands to make that happen.
Dude, honestly the watch band comments are getting really old and it doesn't sound as witty as you think it does. Apple has a lot of R&D going on right now in autonomous vehicles and health functions for the Apple Watch. I'm part of a research study right now on my Watch, they're collecting my heart rate data from the Cardiogram app in an effort to make the watch detect heart beat abnormalities, heart disease and cardiac arrest. And yeah, they release bands in pretty colors too. Your point?

Do some research and have some faith. Buy some stock and you may very well make a tidy profit from it. Or just miss out on it, up to you.
Score: 20 Votes (Like | Disagree)
btrach144 Avatar
111 months ago
Apple will have to release more than just watch bands to make that happen.
Score: 15 Votes (Like | Disagree)
djcerla Avatar
111 months ago
Apple CEO Tim Cook said the Services category is already thesize of a Fortune 100 company, with hopes to double thecategory's revenue by 2020. :- Macrumors quote

Times have changed,seems like now it's only for the money,Well done Tim Cook
Yeah, hiring 200 biomed PhD's and spending billions in research on a glucose-metering device surely corroborates your point. Only for the money.
Score: 11 Votes (Like | Disagree)
Bacillus Avatar
111 months ago
Dude, honestly the watch band comments are getting really old and it doesn't sound as witty as you think it does. Apple has a lot of R&D going on right now in autonomous vehicles and health functions for the Apple Watch. I'm part of a research study right now on my Watch, they're collecting my heart rate data from the Cardiogram app in an effort to make the watch detect heart beat abnormalities, heart disease and cardiac arrest. And yeah, they release bands in pretty colors too. Your point?

Do some research and have some faith. Buy some stock and you may very well make a tidy profit from it. Or just miss out on it, up to you.
Money has become their greatest enemy right now.
It has forced them into a defensive/incumbent position and stalled ambition to make new, revolutionary products. Thus alienated them from their original mission, which is exactly what SJ warned about.
Look at the latest iPad, a 4/5 years old design that denies every form of inspiration/innovation.
Disruptive innovation (launching new products, initially cannibalizing existing products)
has become the opposite of what they want: to keep marketshare, to remain leader, to not disturb current business. Move up the premium laddder, rebranding existing stuff as Pro (adding some gimmicks to justify price increases)
So superfluous budgets, massive R&D, but hardly any incentive to use them. Thousands of patents, but mostly defensive, keeping them unused to prevent the competion to innovate.
Leading to very few new products and designs.
What essentially drives Apple now is greed on a massive scale, requiring TC to save the humble image ("caring" for the impaired, pleading "accessibility", to distract public attention from inaccessibility due to increased prices)
Health: lots of incentives in the approach to conquer new markets. But difficult or impossible to get accreditation in medical world, which they grossly underestimated.
Same for autonomous vehicles: failed partnerships, difficult to innovate, absolutely no position to make an inroad in entirely new market. Huge investments to be written off already. Facial loss will prevent them from getting out. Lack of position/momentum will force them to buy themselves in somewhere. Only then, if any, the race begins.
iPhone will remain strong (it is and remains the cash cow) but it will take them utmost energy to stay current. And with all the attention going into paraphernalia activities, that will go at cost of the mid-segment (Mac, iPad, IT)
Innovation level remains incredibly low: companies of this mammoth size should bring 10/20 new products a year (compare with the car industry to realize what true competition would do)
The secret pact with Samsung (going to its limits supplying key technology on a mass scale, despite being "sued") impairs every form of an open smartphone marketplace currently.
Score: 9 Votes (Like | Disagree)
busyscott Avatar
111 months ago
I kinda hate that they are seeing this much love and bullish predictions in the marketplace. I'm sure they look at this as an indicator that they are making the right decisions, but based on my (albeit anecdotal) experiences and conversations, people are seriously concerned about the Mac line and that may have a bigger impact on phone purchases than Apple realizes.

What happens when the "Sheeple" that raved about Apple's superior products start jumping ship and singing a different tune?

I think the dedicated minority has a bigger influence on the quiet majority than Apple is comfortable admitting.
Score: 7 Votes (Like | Disagree)