Apple remains "among the most underappreciated stocks in the world," Drexel Hamilton analyst Brian White wrote in a note distributed to clients on Monday.
He's one of the most bullish analysts watching Apple. On Monday, Drexel raised its Apple price target to $202 a share from $185. The stock was trading at just over $149 in premarket trading on Monday morning.
Apple has 5.213 billion shares outstanding, according to Bloomberg. If Apple were to hit $202 a share, the company's market capitalization would be valued at $1.053 trillion.
"Apple has proven its resilience through its unique ability to develop hardware, software and services that work seamlessly together," White wrote. "We believe this positions Apple very well to capitalize on the trend toward more 'things' becoming a computer."
Apple's stock is on a tear. It's up 29% this year.
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