Apple shares approached a record high

Apple shares approached a record high

Apple has found its slot again.

Shares of iPhone makers reached $ 133.82 in early trading on Monday, trailing Apple by less than $ 1 intraday trading high of $ 134.54, reached in April 2015. Apple shares ended the day at $ 133.29, beating its previous record price of $ 133, set in February 2015.

Range of stocks, pushing Apple (AAPL) to a market limit of $ 700 billion, comes among renewed optimism for the iPhone.

Goldman Sachs raised its target share price on Monday, citing the likelihood that “new new features” like “3D sensing” will be added to the next iPhone model, according to an investor note submitted to CNNMoney.

Apple’s previous high was set six months after the redesigned iPhone 6 and 6 Plus were released, starting with CEO Tim Cook described as the “mother of all upgrades”.

Since then, however, Apple has broken its tradition of repairing iPhones every other year. The latest models on the market today look almost identical to the iPhones available in late 2014.

A long wait, combined with this year’s iPhone label tenth anniversary, has only raised expectations that Apple will soon significantly improve its smartphone and restart demand.

Related: Tim Cook: ‘Apple wouldn’t exist without immigration’

Apple’s annual sales fell in fiscal 2016, for the first time since 2001, as sales of the iPhone, which is still the majority of its business, fell for three consecutive quarters.

Apple even reduced the salary of its CEO by 15% due to the company’s failure to meet performance targets for both sales and profit.

But that loss is just over.

Apple sales began growing again in the December quarter, driven by stronger demand for the iPhone – especially for the larger and more expensive iPhone 7 Plus.

The company sold 78.3 million iPhones in the quarter, setting a new record. At least some of that could be a result of Samsung’s smartphones recover troubles.

Mark Moskowitz, an analyst at William Blair, wrote in a note to investors this month that “Samsung’s Note 7 struggles probably helped.”

The iPhone isn’t the only reason Wall Street is excited about Apple. There is also President Trump.

Despite Trump clashing with Apple during the campaign, investors are now optimistic that Apple will benefit from at least one of Trump’s proposals: a reduction in the cash tax that U.S. companies bring in from their foreign accounts.

Apple currently has $ 230 billion in cash in foreign accounts. If Trump and Congress make it cheaper for Apple to return that money, it could be used for acquisitions and buyouts.

CNNMoney (New York) First published February 13, 2017 at 12:24 p.m.

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