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Why Apple Stock Climbed To All-Time High Yesterday

Apple stock rose 1.8 per cent yesterday to hit a record high of $144.57 at close, giving the company a market value of $2.4 trillion (all figures in USD).

Numerous factors appear to be in play here.

June quarter financials are just three weeks away, with many analytics expecting record revenue.

A recent upswing in Apple’s production orders suggest both that sales of the iPhone 12 remain steady, and that the iPhone 13 will arrive during the September quarter.

Apple shares are also underperformed in comparison to the company’s figures: Apple stock has only risen 9 per cent since December, while the S&P 500 has risen 16 per cent.

Highly respected JPMorgan analyst Samik Chatterjee lifted his share price forecast for Apple from $165 to $170, suggesting gains of close to 18 per cent over the next financial year.

Apple just enjoyed seven straight days of gains on the stock exchange.

The company, meanwhile, reported a 54 per cent rise in revenue year-on-year during the March quarter – up to $89.6 billion. iPhone revenue grew 66 per cent, services rose 27 per cent, iPads 79 per cent, and Macs 70 per cent.

Sales also rose an impressive 88 per cent in China, 49 per cent in Japan, and 94 per cent in the rest of Asia.

While component shortages will mean the June quarter is less fruitful than the March quarter – Apple are set to enjoy a rose financial year.

 



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