Apple stock nears record high

Apple looks to manufacture in India

Apple has discovered its groove once more.

The iPhone maker’s stock hit $133.82 in early buying and selling Monday, placing Apple lower than $1 away from its intraday buying and selling high of $134.54, reached in April 2015. Apple’s stock ended the day at $133.29, beating its earlier record closing value of $133, set in February 2015.

The stock surge, pushing Apple (AAPL) to a $700 billion market cap, comes amid renewed optimism for the iPhone.

Goldman Sachs raised its value goal for the stock on Monday, citing the probability of “main new options” like “3D sensing” being added to the following iPhone mannequin, in keeping with an investor observe offered to CNNMoney.

Apple’s earlier high was set six months after it launched the redesigned iPhone 6 and 6 Plus, kicking off what CEO Tim Cook dinner described because the “mom of all upgrades.”

Since then, nevertheless, Apple has bucked its custom of overhauling the iPhone each different 12 months. The latest fashions in the marketplace in the present day look practically equivalent to the iPhones obtainable in late 2014.

The lengthy wait, mixed with this 12 months marking the iPhone’s tenth anniversary, has solely raised expectations that Apple is about to considerably overhaul its smartphone and reignite demand.

Associated: Tim Cook dinner: ‘Apple wouldn’t exist with out immigration’

Apple’s annual gross sales fell within the 2016 fiscal 12 months for the primary time since 2001 as iPhone gross sales, nonetheless the vast majority of its enterprise, declined in three consecutive quarters.

Apple even reduce its CEO’s pay by 15% as a result of firm’s failure to satisfy its efficiency objectives for each gross sales and income.

However that dropping streak simply ended.

Apple gross sales began rising once more within the December quarter, pushed by stronger demand for the iPhone — significantly for the bigger and costlier iPhone 7 Plus.

The corporate bought 78.3 million iPhones for the quarter, setting a brand new record. Not less than a few of that could be as a result of Samsung’s smartphone recall woes.

Mark Moskowitz, an analyst with William Blair, wrote in an investor observe this month, “Samsung’s Be aware 7 struggles probably helped.”

The iPhone is not the one motive Wall Road is worked up about Apple. There’s additionally President Trump.

Regardless of Trump clashing with Apple in the course of the marketing campaign, traders are actually optimistic Apple will profit from a minimum of one Trump proposal: chopping taxes on money that U.S. companies convey again from their abroad accounts.

Apple presently has $230 billion in money held in overseas accounts. If Trump and Congress make it cheaper for Apple to convey that cash again, it might be used for acquisitions and buybacks.

CNNMoney (New York) First revealed February 13, 2017: 12:24 PM ET

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