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 trading high of $134.54, reached in April 2015. Apple’s stock ended the day at $133.29, beating its earlier record closing worth 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 worth goal for the stock on Monday, citing the chance of “major new features” like “3D sensing” being added to the subsequent iPhone mannequin, based on an investor be aware supplied to Trident BloggerMoney.

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

Since then, nevertheless, Apple has bucked its custom of overhauling the iPhone each different yr. The latest fashions in the marketplace in the present day look almost an identical to the iPhones obtainable in late 2014.

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

Related: Tim Cook: ‘Apple would not exist without immigration’

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

Apple even cut its CEO’s pay by 15% because of the firm’s failure to satisfy its efficiency objectives for each gross sales and income.

But that dropping streak simply ended.

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

The firm bought 78.3 million iPhones for the quarter, setting a brand new record. At least a few of which may be because of the Samsung’s smartphone recall woes.

Mark Moskowitz, an analyst with William Blair, wrote in an investor be aware this month, “Samsung’s Note 7 struggles likely helped.”

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

Despite Trump clashing with Apple through the marketing campaign, buyers are actually optimistic Apple will profit from a minimum of one Trump proposal: slicing taxes on money that U.S. companies carry again from their abroad accounts.

Apple at present has $230 billion in cash held in international accounts. If Trump and Congress make it cheaper for Apple to carry that cash again, it may very well be used for acquisitions and buybacks.

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

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