Apple (NASDAQ: AAPL) shares are indicated 0.7% higher in pre-market Friday, which would push the company’s market valuation above $3 trillion.

The AAPL stock is indicated at $191.00 at 05:30 EST (10:30 GMT), pushing the company’s market value above the historic $3 trillion threshold.

The latest push higher in Apple shares comes after Citi analyst Atif Malik initiated research coverage with a Buy rating and a Street-high $240 per share price target. The analyst sees further upside potential in Apple stock despite a ~47% year-to-date rally.

“Apple is navigating the macro slowdown and inflationary pressure on consumer spending by consistently gaining share from Android phones, we see ~30% further upside potential from current levels,” Malik said in a client note.

The analyst also argues that the market is underestimating continued gross margin expansion. This factor is one of the key pillars of Malik’s bullish stance on Apple, in addition to growing services sales mix and strong balance sheet.

Should the stock close above the $3 trillion figure, it would mark the first time any company has done so. Apple shares briefly traded above the $3 trillion mark in early 2022 but failed to close above it.

By Senad Karaahmetovic