Apple has found its sweet spot once again.
Shares of the iPhone maker touched $133.82 in early trading on Monday, putting Apple within intraday trading high In April 2015 it reached $134.54. Apple shares closed at $133.29 on the day, breaking the previous closing price of $133 set in February 2015.
share price soars apple (NASA) With a market capitalization of $700 billion, the market has renewed optimism about the iPhone.
Goldman Sachs raised its price target on the stock on Monday, citing the potential for “significant new features” such as “3D sensing” to be added to the next generation of iPhone models, according to an investor note provided to CNNMoney.
Apple’s previous high came six months after releasing the redesigned iPhone 6 and 6 Plus, kickstarting CEO Tim Cook’s plans describe As the “mother of all upgrades”.
Since then, however, Apple has bucked its tradition of overhauling the iPhone every other year. The latest models on the market today look nearly identical to the iPhones that came out in late 2014.
The long wait, plus this year marks the iPhone’s The tenth anniversaryonly raised expectations that Apple is about to overhaul its smartphones and reignite demand.
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apple annual sales Fiscal 2016 saw its first decline since 2001 as sales of the iPhone, which still makes up the bulk of its business, fell for three straight quarters.
apple even cut CEO pay A 15% reduction as the company missed its sales and profit performance goals.
But the losing streak has just ended.
apple sales volume Driven by strong demand for iPhones, especially the larger and more expensive iPhone 7 Plus, growth started again in the December quarter.
The company sold 78.3 million iPhones in the quarter, a new record.At least some of this may be due to Samsung’s Smartphone recall issue.
“Samsung’s Note 7 woes may help,” William Blair analyst Mark Moskowitz wrote in an investor note this month.
The iPhone isn’t the only reason Wall Street is excited about Apple. And President Trump.
despite trump conflict with apple During the campaign, investors were now optimistic that Apple would benefit from at least one of Trump’s proposals: a tax cut for U.S. businesses on cash brought in from overseas accounts.
Apple currently has $230 billion in cash in foreign accounts. If Trump and Congress make it cheaper for Apple to get that money back, it could be used for acquisitions and buybacks.
CNNMoney (New York) First posted Feb 13, 2017: 12:24pm EST