After Apple (NASDAQ:AAPL) stock rose 2.1% yesterday, its market capitalization climbed above $3 trillion. AAPL had previously eclipsed the latter milestone in June 2023 and December 2022.

A Mixed Outlook for Apple

Apple benefits from its sterling reputation, its tremendous user base, its large stock buybacks, its high profits and its gigantic cash reserves. “Investors see Apple as a fortress,” CNBC correctly observes.

On the other hand, the company hasn’t delivered truly impressive growth in many years, and it has said that it does not expect its top line to climb during the current quarter.

Also noteworthy is that AAPL has major difficulties in China, one of its largest markets, which accounts for nearly 20% of its sales. Specifically, the Asian country’s growth is markedly slowing, and Beijing has blocked government workers from utilizing iPhones in their offices. The latter move, in turn, could discourage many Chinese consumers from buying the devices.

Still, the Street remains enamored with Apple. Therefore, I believe that as long as CEO Tim Cook can prevent the company’s top line from sinking significantly and the American economy remains strong, AAPL stock can probably slowly move higher over the longer term.

Morgan Stanley Boosted AAPL Stock

On Dec. 5, Morgan Stanley lifted AAPL’s shares yesterday by issuing a positive note on the name. Specifically, the firm stated that a pending recovery of smartphone demand had not yet been reflected by AAPL stock.

Citi analysts also reiterated their “buy” rating on AAPL stock yesterday.

Heading into today, AAPL stock had climbed nearly 6% in the previous month and 49% in 2023.

On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.