Analyst: Apple could be $3T company if …

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.

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For Apple to hit $3 trillion, the company must continue to dominate and hold off competition, something it is very good at, Navellier said.

To be sure, Google has already debuted a prototype driverless vehicle, and companies such as Volvo and Sony have signaled their intention to compete in the market for automated autos.

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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."

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