Market watchers have questioned whether shares of Apple could double to put the company's valuation at $1.5 trillion. But strategist Louis Navellier said Monday the stock could double twice with the right circumstances, valuing Apple at $3 trillion.
The Navellier & Associates chairman said on CNBC's "Squawk Box" that Apple's market capitalization can hit $1.5 trillion on the strength of its current product line. Apple is currently worth about $720 billion.
The thing that could cause it to double again: an Apple driverless car.
Reports surfaced last month that the tech giant is aiming to begin production on an electric car by 2020. The company has not confirmed any such plans.
For Apple to hit $3 trillion, the company must continue to dominate and hold off competition, something it is very good at, Navellier said.
Competition is not the only hurdle that Apple faces, Navellier said.
"Of course when a company gets bigger, the P/E ratios get compressed," he said, referring to price-to-earnings ratio, a common measure of growth. "But Apple fights back with its relentless stock buybacks, so if any company can reach that level, it will be something like an Apple."