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Apple (AAPL) shares rise 5.15% to all-time record $497.48
Apple’s (AAPL) stock rally shows no signs of slowing down after the tech giant climbed another 5.15% on Friday ahead of a four-for-one stock split later this month.
Apple made headlines earlier in the week after hitting a $2tn marketing capitalisation, becoming the first US company to do so.
It still seems like the only way is up for the Cupertino-based company, even though it has already doubled its valuation since mid-2018.
Wedbush analyst Daniel Ives was particularly bullish in a new note on Friday, stating that there are still more gains in the offing for Apple with its iPhone 12 slated for release later this year.
Ives believes that the upcoming “supercycle” for Apple’s smartphones points to a strong Q3 and Q4.
He also noted that China will account for around 20% of iPhone upgrades.
Ives concluded: “To this point we are seeing considerable strength from the China region over the last few months, a dynamic we expect to continue heading into the next 6 to 9 months.”
Apple made steady gains in Friday’s session on the Nasdaq and eventually closed 5.15% higher at $497.48.
This figure is still short of the $515 price target set by Ives, who also carries an outperform rating.
Ives believes that stock could run up to $600 in a bullish scenario.
Despite a tough period at the start of the year, Apple has thrived recently, and its shares have now advanced 70% for the year to date.
In a similar move to Tesla, Apple announced that it would be splitting its shares before the end of the month.
The move is designed to make it easier for a “broader base” of investors to buy into AAPL shares.
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