Investment Bank Morgan Stanley says that Apple’s path to a $3 trillion market valuation will stem from the company’s user base and an increasing shift to a subscription model.


In a note to investors seen by AppleInsider, analyst Erik Woodring — who is assuming coverage of Apple from Katy Huberty — takes a look at how a “more pronounced shift” to a subscription model could add nearly $1 trillion to Apple’s current market capitalization.

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