3 Reasons Apple Shares Won't Hit $500 Anytime Soon

Apple (NASDAQ: AAPL) stock has held up well this year amid the coronavirus pandemic. Shares are down less than 4% year to date while the S&P 500 is down over 12%.

With the stock trading around $280 per share already, it's within spitting distance of the consensus 1-year target estimate of $303.75. But one analyst, Evercore ISI's Amit Daryanani, has a price target of $325 and sees a potential path for Apple shares to reach $500.

To be clear, Daryanani doesn't think reaching $500 per share is very likely, but he says it's possible if these three things line up: higher product gross margins, better operating leverage, and an increased valuation. 

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Source Fool.com