Apple shares end at record top
Shares of Apple ‘s stock closed at an all-time high Monday, riding a post-earnings rally and a more favourable outlook on Wall Street.
Apple closed at US$133.29 a share, surpassing its record closing high price of US$133, set in February 2015. It has yet to break its all-time intraday high of US$134.54 a share, set in April 2015.
The record came after Goldman Sachs raised its price target on the stock on Monday, citing Apple’s 3-D sensing technology. UBS also released a note on Monday estimating that the market is undervaluing Apple’s services business.
Apple’s stock has risen nearly 10 per cent since the close on January 31, when Apple reported quarterly earnings. In the report, Apple broke a losing streak, posting the first year-over-year revenue increase after three dud quarters.
CEO Tim Cook said on a conference call with investors in January there was especially strong demand for the iPhone 7 Plus —Apple’s higher-end and more expensive model — and that it made up a higher-than-expected share of sales.
Apple is not the only tech company to heat up in 2017 — the whole market has zoomed higher this year.
Microsoft , Alphabet , Netflix and Facebook have hit all-time intraday highs this year. The S&P 500, Dow Jones industrial average, and Nasdaq all hit record highs on Monday, despite trading in relatively narrow range for most of 2017.
Apple was up more than 15 per cent this year at Monday’s close, while the Nasdaq was up about 7 per cent. Apple is expected to see one of the biggest boosts from the Trump administration’s tax policies on foreign cash repatriation.
Last time Apple set a record high was also after a healthy earnings beat and an expanded capital return programme.