Apple Inc. could close in on a trillion-dollar market capitalization next year — and if it does, it may have President Donald Trump to thank.

That’s according to a scenario laid out by analysts at RBC Capital Markets, who said Apple AAPL, -3.17% may turn out to be one of the biggest beneficiaries of the Trump administration’s planned U.S. tax changes.

“While there are significant uncertainties around corporate tax reform, we think it could provide Apple EPS (earnings per share) a $4.00-4.50 tailwind and drive the stock closer to a trillion dollar market-cap scenario,” said the RBC team in a note to clients.

Late last month, Trump and top congressional Republicans proposed sharp cuts to tax rates on businesses and many individuals. Under the plan, the top corporate tax rate would be cut to 20% from 35%.

However, skepticism remains over the size and significance of any tax reforms and how long they would take to be introduced. Trump and the proposal’s supporters would need to do a lot of horse-trading to push reforms through, and the corporate tax code is viewed as a complex one to adjust.

Still, the team of RBC analysts, led by Amit Daryanani, said investors should look out for these big policy levers, which could benefit Apple:

• Interest expense: The proposed tax framework reduces or caps tax deductions for interest expense, but doesn’t specify the limit. RBC assumes it will be completely non-deductible.

• Capital expenditure: Apple would likely be able to expense around $8 billion for this.

• Tax rate on foreign profits: RBC assumes an effective tax rate for all profits at 20% for Apple, in line with the proposed new U.S. federal corporate tax rate.

• Repatriation tax: The tax proposal doesn’t specify a tax rate on accumulated repatriated earnings.

“We assume a 10% tax rate on (around) $219 billion of earnings AAPL could potentially repatriate and assume AAPL uses those for share repurchases,” said the analysts.

A chunk of that repatriated cash would likely be used for “strategic options,” they added.

Daryanani and his team believe that potential tax provisions could add that $4.00 to $4.50 to their own full-year 2018 earnings-per-share estimate.

It’s not the first time RBC has talked about Apple reaching a trillion-dollar market cap. In August, the bank‘s strategists forecast that Apple’s soaring stock and a buildup in momentum ahead of its new iPhone cycle would help push the company toward that valuation.

But Apple’s long-awaited product launch last month proved disappointing for shareholders, and the company wasn’t helped by some lukewarm reviews of its new batch of phones.

Since the Sept. 12 event, which marked the launch of a $999 iPhone and a new Apple Watch, Apple shares have fallen 2.3%, to hit $155.80 on Monday.

Apple's iPhone Event in Under 4 Minutes

RBC — which has an overweight rating on Apple — has a price target of $180 on shares, which is still not the highest on Wall Street. According to a survey of estimates by FactSet, Drexel Hamilton has the highest price target, of $208.

The average stock price target on the stock is $177.23 and the average rating is overweight.

The bank said Apple shares are currently at an “attractive entry point for investors to benefit from its ability to return to revenue and EPS growth in FY217,” adding that “multiple catalysts” remain from such factors as iPhone ramps and product refreshes on its Macs and iPads.

“We believe the fundamental reality remains that AAPL’s valuation is materially subpar to what we anticipate is its long-term revenue and EPS potential,” said RBC.

Apple shares have gained 34.6% in 2017, while the Dow Jones Industrial Average DJIA, -0.87% has gained 15.2% and the S&P 500 SPX, -1.11% has gained 13.7%.

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