Apple (NASDAQ: AAPL) stock price rose to an all-time high after experiencing a huge selloff at the beginning of the years. The stock price jumped close to 60% from the 52-weeks low of $140 a share.
AAPL shares are experiencing sustainable growth since the start of this year. The upside momentum is supported by investors’ confidence in a revenue diversification strategy.
The popularity of the iPhone 11 series added investor’s sentiments. Consequently, Apple stock price pushed to $230 level for the first time in history.
The rally in share price has also broadened its market capitalization. The company has crossed $1 trillion market valuations, which makes it the largest U.S. Company.
Several Catalysts are Supporting Apple Stock Price
Although Apple started the year with a bleak outlook, market analysts are now optimistic about its growth potential. Traders were showing concerns over weaknesses in Apple demand.
However, the company has successfully repelled negative sentiments by generating substantial growth from services and accessories segments.
Moreover, the demand for iPhone 11 exceeded investor’s expectations. Apple has recently told its suppliers to enhance iPhone 11 production by 10%, which represents increasing demand.
The expectations for the launch of the first 5G version model by the next year are contributing to the bullish trend. In addition, easing tensions with China is among the positive factors. The Apple TV Plus launch is among the biggest catalyst for its stock price and financial numbers.
Analysts are Positive About Upside Momentum
Several analysts have raised their price targets for Apple stock price amid the improving financial outlook. Wedbush raised its target to $265 from $245, seeing growth from iPhone and TV launch.
“With some 900M active iPhones globally, Apple could get 100M streaming consumers in 3-4 years,” Wedbush analyst Daniel Ives says.
Canaccord Genuity’s analyst T. Michael Walkley boosted AAPL shares target to $260 from $240. On the other hand, TF Securities analyst Ming-Chi Kuo believes Apple is set to expand significantly in the next year.