is the most valuable public company in the world but it could get even bigger.

Morgan Stanley analyst Katy Huberty told CNBC that its share price has higher to go and its currently under owned.

Apples stock is up 69% year to date,and with a market cap of $1.18 trillion, its larger than the US energy sector.

View Business Insiders homepage for more stories.

Appleis the most valuable public company in the world but it could get even bigger.

Morgan Stanleys Katy Huberty told CNBC that its share price will get even bigger and that the stock is under owned and that even the top 100 … holders of Apple (stock) have a position thats less than the S&P 500 weighting.

The tech giants market cap stands at $1.18 trillion, and Apples stock is up 69% year to date.

We still think the stock has room to run, said Huberty, who spoke to CNBC at the Morgan Stanley APAC Summit on Wednesday. The managing director and head of North American hardware tech research added that iPhone sales and share buybacks will help buoy the shares.

CNBC noted that Morgan Stanleys 12-month price target for the stock is $296 roughly 11% higher than Tuesdays close of $266.29.

RBC echoed Hubertys sentiments last week, saying thatit expected Apples stock to rise 14% in the next year, something that will take Apples stock past Morgan Stanleys price target.

Bank of America found thatApples market cap is bigger than the entirety of the US energy sector. Last week Business Insider reported that the

Huberty added in the interview that the US-China trade war hasnt damaged Apple as much as expected. In the December quarter, again, gross margin guidance was better than expected, adding that much of this was because Apple moved some its production away from China, where a bulk of parts and products are made.

With arguably the worlds most popular consumer product providing a stable foundation, AAPL has avenues for deeper integration into its customers lives and the balance sheet strength to return significant cash flow to shareholders, RBC analyst Robert Muller said in a note.

Mullers price target for Apple is just shy of Morgan Stanleys, at $295.

Stock-trading platform Robinhood withdraws its application to become an official bank »

Legendary iPhone designer Jony Ive has been hanging out with celebs, models, and designers since announcing his departure from Apple »

Apples stock has room to run another 10%, says Morgan Stanley