Near the end of the session, Apple stock is currently trading at $133.48, which is above its all-time closing high.
An improving outlook
At least one reason for the stock’s jump seems to be a new report from Goldman Sachs that raised the target price of the stock to $150. A major reason for the increased confidence seems to be the next-generation iPhone. Here’s more from MarketWatch:
The brokerage also raised fiscal 2018 estimates on Apple. Analysts at Goldman Sachs said they expect the company’s 10th anniversary iPhone, due in September, to have software enhancements such as 3D sensing technology that are crucial to augmented reality. They believe augmented-reality features will be a “significant step-up in innovation” compared with the prior two product cycles.
The firm has increased its forecasted shipment of iPhones in 2017 to 230 million units, up from the previous prediction of 227.3 million.
In 2018, Goldman Sachs believes Apple will ship 235.9 million iPhones, up from the previous estimation of 231.5 million.
One analyst from the firm said some type of augmented reality and 3-D sensing technology is likely in the 10th anniversary iPhone model.