“A million dollars isn’t cool,” says Justin Timberlake’s Sean Parker during one scene in The Social Network. “You know what’s cool? A billion dollars.”
If that’s the case, then people are going to need to come up with new words to describe Apple, because according to some of Wall Street’s best and brightest, the company could hit a trillion dollar valuation as early as next year.
Apple’s current market cap stands stands at around $670 billion. While it may seem (and is) quite a leap from there to $1 trillion, consider that shares in the company have gained around 42% this year, based primarily on massive iPhone sales.
Michael Corcelli, head of the Miami-based Alexander Alternative Capital, thinks the billion dollar valuation could happen in 2015.
Steve Einhorn, a top executive at Leon Cooperman’s $10 billion hedge fund Omega Advisors, meanwhile describes Apple as, “an attractively priced, double-digit returner” and says it will hit $1 trillion “eventually.”
Having split 7-to-1 earlier this year, Apple stock received even more focus than usual recently when activist investor Carl Icahn described it as undervalued, and argued that it should be worth double what it currently is.
With record sales of the iPhone, iPad and other devices expected this holiday season, Apple’s hot streak doesn’t look set to slow down any, either.