Citi: Apple stock has another 30% upside potential

Investment bank Citigroup sees an opportunity for Apple stock to rise further by 30%, despite the initial surge, which saw the shares hit an all-time high and the market capitalization exceeded $3 trillion, writes Bloomberg.

A bank analyst gave the iPhone maker a "recommended buy" rating with a target price of $240, the highest among Wall Street analysts. The company's shares are up 46% this year to close Thursday at a record high of $189.59.

Apple stock rose another 0.3% at the end of the week, putting its valuation one step short of reaching a historic $3 trillion market cap. The company was already valued at $2.98 trillion on Thursday.

So far, the potential for further growth in Apple's margins is underestimated in connection with the transition of customers to more expensive iPhone models, as well as with a further increase in the company's market share in China and India. But Apple is consistently increasing the share of Android phones.