Apple (AAPL 0.26%) has been on an epic bull run lately, gaining 53% so far in 2020 and up 123% over the past 12 months. This has driven the company's market cap to more than $1.9 trillion as of Monday morning, but that could be just the beginning.

One analyst just laid out a case for Apple stock to gain another 16% over the next 12 to 18 months, driving its market cap to $2.2 trillion -- and that's not all. His bull case is even more eye-popping, arguing that Apple could be worth more than $2.56 trillion in the coming months.  

Upward arrow made up of fluttering $50 and $100 bills.

Image source: Getty Images.

Wedbush Securities analyst Daniel Ives raised his price target on Apple to $515, citing several catalysts for the tech giant's stock, with a bull case driving the price as high as $600 per share. He notes a "discernible uptick" in forecasts for sales of the upcoming iPhone 12, which is expected to be compatible with 5G, the next generation of cellular technology.

Ives notes that Apple is facing a "once in a decade" opportunity, with an estimated 350 million iPhone users of 950 million worldwide expected to upgrade to the device, in what many analysts have dubbed the "super cycle."

Another key driver is Apple's services business, which Ives values in a range of $700 billion to $750 billion. He notes the expanding importance of the segment, which is on track to generate more than $60 billion in revenue next year, noting that CEO Tim Cook and company have executed "flawlessly" on their vision for the business.

Ives also highlighted the potential for wearables, estimating AirPods sales of 90 million in 2020, up more than 38% year over year.

In order for Apple shares to crest the $2 trillion mark, the stock price would have to trade above $467.77, just 5% higher than Friday's closing price.