On Wednesday, RBC Capital analysts said that Apple Inc. (NASDAQ:$AAPL) is in position to become the first company to hit and sustain a $1 trillion market capitalization.

If you’re interested in computer hardware, you probably know that Apple’s stock has been flying ever since it reported strong third quarter earnings on August 1, while also alleviating some worries about an over-reliance on iPhone sales, thanks to a surprise upswing in iPad sales. With this, $56 billion has been added to the company’s market cap as of Tuesday, and RBC analysts are predicting that it will continue as Apple moves forward with the launch of its expected iPhone 8 in mid-September.

There is no denying that Apple has already had quite the stock rally, with shares gaining 11% in the past month. However, RBC analysts see even more upside in the near-future, as Apple tends to outperform the market 90 days before a product is launched, with a median return of 15.6%.

Despite rumors of a delay, Apple is forecast to launch the iPhone 8 in September. While there are a few analysts who believe that the launch will create a ‘super cycle’ for the company, others believe the launch is over-hyped.

Other than the product launch, analysts at RBC expect further upside from the company, stemming from its recent strong gross margin performance and improving sales in mainland China.

“We believe the fundamental reality remains that AAPL’s valuation is materially sub-par to what we anticipate is its long-term revenue and EPS potential,” said Amit Daryanani, who is the lead analyst on the note.

RBC Capital analysts have a base case EPS of $10.50 in the next 12 months and a bull case of more than $12. They have echoed an outperform rating and slapped on a price target of $176.

On Wednesday, in pre-market trade, Apple shares were down less than 1%. In 2017 alone, AAPL stock has gained 38%.

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