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Apple Higher On Bullish Call, Battery Talks

Stock Markets1 hour ago (Jun 08, 2021 01:07PM ET)

(C) Reuters.

By Dhirendra Tripathi – Apple shares (NASDAQ:AAPL) rose 0.7% Tuesday on positive sentiment created by a very bullish call and reports that the iPhone maker is in talks with Chinese manufacturers for a supply of batteries for its rumored electric car.

Apple could hit a $3 trillion market capitalization next year, according to Wedbush analyst Dan Ives.

“We think ultimately 12 to 18 months from now,” Ives told CNBC’s ‘Street Signs Asia’ when asked about a possible timeline to the next milestone.

Apple is the world’s most valuable company, with a market cap of around $2.11 trillion.

Ives has a target of $185 for the Apple stock, an approximately 27% upside to its current price of $126.77.

The analyst values Apple’s software services business at about $1 trillion and sees it about $1.5 trillion under the $3-trillion valuation scenario.

Moving to news from views, Reuters said the tech giant is holding early discussions with China’s Contemporary Amperex Technology (SZ:300750) and electric vehicle maker BYD regarding the supply of batteries for its upcoming EV.

The Reuters report said Apple is exploring use of lithium iron phosphate batteries in its planned electric vehicle because they are cheaper to manufacture compared to those that use nickel and cobalt.

CATL is the world’s largest lithium-ion battery manufacturer and plans to build a new major car battery plant in Shanghai.

Apple Higher On Bullish Call, Battery Talks

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