Apple has sold more than a billion iPhones.
"If Apple trades at 20 times earnings that would be insane", he said, estimating that Apple shares could go as high as $220 by year-end.
A few days ago, it was announced that Apple was nearing the trillion dollar mark in terms of their market value.
"Our strong business performance drove revenue growth in each of our geographic segments, net income of $11.5 billion, and operating cash flow of $14.5 billion", said Luca Maestri, Apple's CFO.More news: Trump Administration Threatens Even Higher Tariffs On China
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"They are so dependent on one product for such a huge part of their revenue that I believe that's why it gets that discount", said Miller whose firm also owns Amazon shares. Still, it's a staggering sum - a trillion is equal to a million squared - and a first for a US-based company. This is not the end, that they hit $1 trillion.
The milestone also means that Apple is worth more than just about any country on the planet, there are only 16 that it is worth less than.
But that calculus changed under the administration of President Donald Trump, who pushed Congress to pass a sweeping overhaul of the USA tax code that includes a provision lowering this year's rate to 15.5 percent on profits coming back from overseas. Since the inauguration of the iPhone back in 2007, Apple's shares have risen by 1,100%, jumping a third in the past year alone.
Chief executive Tim Cook credited strong iPhone and digital services sales - including streaming platform Apple Music - for the boost, which exceeded Wall Street forecasts.
"At the core, I think Apple's biggest revolution has been putting consumer experience first and making technology simple", said Creative Strategies analyst Carolina Milanesi. The number will likely still fluctuate as the stock market often does, but this is another milestone to add to Apple's long history.
Originally founded as a maker of computers in 1976, Apple expanded to dozens of product categories in the 1990s, many of which were unsuccessful.