Apple, VMware added to 'best ideas' list at Wedbush

"Really the linchpin, it's the software services piece".

Setting his price target for AAPL at $310 per share, which is 40% above where the company's shares are now trading, Wedbush analyst Daniel Ives has said in a note sent out to clients that Apple's valuation can approach the $1.5 trillion level over the coming year, Business Insider is reporting. The upgrade comes less than one month after the tech giant became the first publicly traded USA company to reach a $1 trillion market capitalization.

The firm boosted its Apple target for a number of reasons, not least of which is the impending iPhone upgrade cycle. With Apple shares up almost 31% year-to-date (YTD), outperforming the broader S&P 500's 4.5% return, one analyst says it's still not too late to profit off the smartphone maker. Ives believes Apple's services sector alone accounts for a $450 billion value.

Strong Chinese demand and a growing services business are critical on Apple's "yellow brick road" to a $1.5 trillion market cap, which Wedbush Securities analyst Dan Ives said is more than possible.

Petrol, Diesel Prices Cut For Third Straight Day: Check Fuel Rates Here
Petrol price was cut by 25 paise a litre and diesel by 17 paise, according to the price notification of state-owned oil firms. Fuel prices have been soaring since the past few months in the country, burning a hole in the common commuter's pocket.

Shares of Apple rose 1.3 percent Friday following the release of Ives' note to clients in which he announced his $310 price target. "Once you are in, you're in", Ives said.

It's a "monetization story" from here on out for Apple, Ives said, so long as the company executes.

"No different from what [CEO Satya] Nadella's done with, expectations were high for cloud, they needed to execute".

While the Street is focused on Apple's ability to sell its latest generation of iPhones, Ives is forecasted for unit sales well above the consensus estimate, at 350 million units over the next 12 to 18 months compared to the Street's forecast at just 220 million.

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