Apple continues march towards $3T, Citi praises gross margins
Scott Olson
Apple (NASDAQ:AAPL) shares continued their march towards $3T in market cap on Thursday, with investment firm Citi saying Wall Street is underestimating the tech giant's gross margin expansion.
Analyst Atif Malik, who started coverage on Apple (AAPL) with a buy rating, noted the company is "consistently" gaining market share from Android smartphones, and it is seeing a margin expansion due to a higher blend of iPhone Pro and iPhone Pro Max models.
The company's overall gross margins are also being driven by continued share gains in China and India, continuing to cut costs by designing its own chips and its Services business, Malik, who also put a Wall Street high $240 price target on Apple (AAPL), added. 
Malik also pointed out that while the recently announced Apple Vision Pro is not likely to be a key driver of sales in the near-term, he is watching "how the product can be brought into daily life and the possibility of benefiting from AI."
Apple (AAPL) shares closed at $189.59 on Thursday, up almost 0.2%. 
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