Apple stock nears record high

Apple will manufacture in India

Apple has found its groove again.

Shares of the iPhone maker hit $133.82 in early trading Monday, putting Apple $1 below its intraday high of $134.54, reached in April 2015. Shares of Apple ended the day at $133.29, beating the previous record closing price of $133, set in February 2015.

Stocks rise, push Apple (AAPL) reached a market cap of $700 billion, coming amid renewed optimism for the iPhone.

Goldman Sachs raised its stock price target on Monday, citing the possibility that “major new features” like “3D sensing” will be added to the next iPhone model, according to investor notes. provided to CNNMoney.

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

Since then, however, Apple has abandoned the tradition of overhauling the iPhone every year. The latest phone models on the market today look almost identical to the iPhones launched in late 2014.

The long wait, combined with the fact that this year marks the 10th anniversary of the iPhone, only adds to expectations that Apple is about to significantly overhaul its smartphones and stimulate demand again.

Related: Tim Cook: ‘Apple wouldn’t exist without immigration’

Apple’s annual sales fell for the first time in fiscal 2016 since 2001 as iPhone sales, still its core business, fell for three straight quarters.

Apple even took a 15% pay cut for the CEO because the company failed to meet its performance targets in both sales and profits.

But that losing streak has just ended.

Apple’s sales started picking up again in the December quarter, driven by stronger demand for the iPhone — especially for the larger and more expensive iPhone 7 Plus.

The company sold 78.3 million iPhone units in the quarter, setting a new record. At least some of that could be due to Samsung’s disastrous smartphone recall.

Mark Moskowitz, an analyst at William Blair, wrote in an investor note this month, “Samsung’s Note 7 troubles may have helped.”

The iPhone isn’t the only reason Wall Street is excited about Apple. Including President Trump.

Despite Trump’s clash with Apple during the campaign, investors are now optimistic that Apple will benefit from at least one Trump proposal: cut taxes on the cash American businesses bring in. from their offshore accounts.

Apple currently has $230 billion in cash held in offshore accounts. If Trump and Congress help Apple bring that money back cheaper, it could be used for acquisitions and acquisitions.

CNNMoney (New York) First published February 13, 2017: 12:24 PM ET Apple stock nears record high

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