Apple hits record high, extends market value above $1 trillion (AAPL)

Tim Cook Apple CEO

  • Shares of
    climbed more than 2% on Friday to an all-time high of
    $235.20, extending the company’s market value above the $1 trillion
  • The rally came as President Trump signaled
    positive developments
    in US-China trade negotiations, which
    could help Apple’s iPhone sales in Asia if a deal is
  • Several Wall Street firms have boosted Apple’s price
    target in recent weeks amid stronger-than-expected
    demand for iPhones
    in China. 

  • Watch Apple trade live on Markets Insider

traded more than 2% higher on Friday, hitting a record
and extending the company’s market value beyond the vaunted $1
trillion threshold.

The latest surge in Apple shares came as President Trump issued

encouraging signs
around the US-China trade negotiations.

The Chinese market has become increasingly important for Apple’s
iPhone sales, and the company reportedly asked suppliers to

increase production
of its most recent slate of phones by as
much as 10% — or 8 million units — amid stronger-than-expected

Wall Street has issued a number of price upgrades for Apple is
recent weeks based on the uptick in demand for the new

Here are some of the firms that have either increased price
targets or reiterated bullish ratings on Apple in recent

  • Wedbush: Boosted price target to $265 from
  • Nomura: Increased PT to $205, up from
  • Canaccord Genuity: Bumped PT to $260, up from
  • Longbow Research: Upgraded to “buy” and
    established a $260 PT
  • Piper Jaffray: Reiterated $243 PT and
    “overweight” rating

According to Wedbush analyst Daniel Ives, the Chinese market is
likely the catalyst for the increase in orders for iPhone 11

“Despite all the perceived black clouds from being the poster
child of the current US/China trade tensions, Apple is seeing a
very strong iPhone 11 demand trajectory,” Ives wrote in a note to
clients on Friday. 

Shares of Apple are up almost 50% year-to-date. 

Read more:
Nobel laureate Robert Shiller forewarned investors about the
dot-com and housing bubbles. Now he tells us which irrational
market behaviors have him most worried.

AAPL stock

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Source: FS – All – Economy – News
Apple hits record high, extends market value above trillion (AAPL)