The year 2014 has been a very good year for Apple.
The Cupertino, California-based company increased its market cap to $700 billion last month and released two new cell phone units: The iPhone 6 and the iPhone 6 Plus. Apple also released Apple Pay, its mobile-payment service, and will release it in the United Kingdom next year.
Tavis McCourt, managing director of Raymond James Financial, said in an interview with CNBC's "Squawk on the Street" that Apple Pay alone would not drive up Apple's stock, but it would increase the iPhone's market share. "In terms of monetization, that's really what matters for Apple," he said. "Every one percent increase in iPhone market share globally is another 5 to to 10 percent growth in earnings."
McCourt added that, while there is a natural ceiling for the iPhone's market share, the company isn't close to reaching it. "They're taking a rather high-price strategy, so there is a limit," he said. "But I don't think that we're anywhere near that limit."