Apple Inc.’s stock could reach a market capitalization of US$3 trillion, analysts say, citing the development of the Apple Car as well as high expectations for the next iPhone.

Citigroup Inc. and Wedbush see potential for the tech giant to hit the milestone, an increase that implies an almost 50 per cent surge from Thursday’s close. With a market cap of about US$2 trillion currently, Apple is already the most valuable stock in the world.

Developing the Apple Car could boost the company’s sales by 10 per cent to 15 per cent after 2024, Citigroup Inc. analyst Jim Suva wrote in a note on Friday. By 2025, he expects the worldwide electric vehicles market to outgrow the combined market for smartphones, PCs, tablets and wearables.

Wedbush analyst Daniel Ives, whose price target for Apple is a Street-high US$175, also sees a US$3 trillion valuation on the horizon. In a note on Wednesday, he called recent declines in the stock a “golden buying opportunity,” expecting the upcoming iPhone 13 to be a “game changer,” with supply chain data pointing to greater output rates than for the previous generation.

Apple’s shares have slid around 17 per cent since reaching a record high at the end of January amid a rotation out of high-flying tech stocks. They declined 1.8 per cent in early trading on Friday as worries over rising bond yields hit the tech sector more broadly.