Apple stock nears record high

Apple has found its rhythm again.

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

The title emerges, pushing Manzana (AAPL) at a market capitalization of $700 billion, comes amid renewed optimism for the iPhone.

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

Apple’s previous record was set six months after the release of the redesigned iPhone 6 and 6 Plus, kicking off CEO Tim Cook’s comments. describe as the “mother of all upgrades”.

Since then, however, Apple has broken with its tradition of redesigning the iPhone every two years. The newest models on the market today are almost identical to the iPhones available in late 2014.

The long wait, combined with the fact that this year marks the iPhone’s tenth anniversary, has only raised hopes that Apple is about to significantly overhaul its smartphone and reignite demand.

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

Apple even cut its CEO’s salary by 15% due to the company’s inability to meet its sales and profit performance targets.

But this losing streak has just ended.

Apple’s sales began to grow again in the December quarter, driven by stronger demand for the iPhone, particularly the larger and more expensive iPhone 7 Plus.

The company sold 78.3 million iPhones during the quarter, setting a new record. At least part of this may be due to Samsung’s smartphone recall issues.

Mark Moskowitz, an analyst at William Blair, wrote in a note to investors this month: “Samsung’s struggles with the Note 7 probably helped.” »

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

Despite Trump’s clashes with Apple during the campaign, investors are now optimistic that Apple will benefit from at least one Trump proposal: reducing taxes on the cash that U.S. companies bring into their accounts from abroad.

Apple currently has $230 billion in cash held in overseas accounts. If Trump and Congress make returning that money less costly for Apple, it could be used for acquisitions and buyouts.

CNNMoney (New York) First published February 13, 2017: 12:24 p.m. ET