Apple bears have missed out on more than $1 trillion of stock gains

Wedbush analysts led by Daniel Ives argue that investors who have underestimated Apple’s potential have overlooked three key factors:

• Massive Installed Base: Apple boasts an impressive installed base of over 2 billion iOS devices and 1.5 billion iPhones.

• Upgrade Cycle: Approximately 300 million of these iPhones are eligible for an upgrade, representin…