Apple stock has 5 under-the-radar drivers that could catapult it to a near-$4 trillion valuation, Morgan Stanley says

• Apple stock still has a lot of upside that some investors may be underestimating, according to Morgan Stanley.
• Morgan Stanley said five under-the-radar catalysts could send Apple stock to its bull-case scenario of $230.
• The bullish target represents 53% upside and would catapult Apple to a near-$4 trillion valuation.

Apple stock turned heads when it reached a $3 trillion market valuation last year, but ever since then the stock has trended lower, with the iPhone maker nearly 20% off its all-time highs.