Apple (AAPL) Stock Sets New All-Time High with a Market Cap of $1.04 Trillion

The release of the iPhone 11 has cemented Apple’s (AAPL) bull-run in the stock market. iPhone 11 demand has also caused the company to hit $1.04 trillion market capitalization.

Apple Inc. (AAPL) has had a great year in the stock market and all sentiments point to the possibility of even further improvement in the coming weeks. Already, AAPL has been crowned the best performing stock on the Dow Jones Industrial Average (DIJA) so far, as it has recorded YTD growth of over 43%. On Oct. 10, prices slightly crossed $230, setting a new dividend-adjusted all-time high and cemented a new market cap of $1.04 trillion.

One of the biggest drivers for AAPL’s impressive drive is the recently released iPhone 11. Recorded sales, as well as interest and demand, have been so strong that the AAPL share price has felt a considerable nudge since the release.

Consequently, more than a few firms have reviewed their price targets to reflect their much more bullish outlook on AAPL. Brokerage firm, Nomura, recently bumped up its price target by $20 to $205 from $185. Canaccord Genuity also did the same, increasing its calculated price target from $240 to $260. In a recent message to its clients, Jeffrey Kvaal, an analyst with Nomura backs up the increase in demand, with a 2018 comparison:

“Shipment times for the 11 and 11 Pro have held above 2018 levels since launch in both the U.S. and China. We expect stronger iPhone volumes to boost wearable demand and AppleCare subscriptions.”

A recent Nikkei report has also said that Apple officially requested an increase in production from its manufacturers, by as much as 10%. Analysts believe that this represents an additional 8 million units of the new phone, and was triggered by a significant increase in demand for the more cost-effective iPhone 11 and also the iPhone 11 Pro. All of these give more credence to market analysts who believe that at least for the foreseeable future, AAPL might stay on the rise.

The report also reveals that the manufacturer’s of Apple’s components have also enjoyed ripple effects of the impressive success the phones are enjoying. Specifically, Minebea Mitsumi shot up by 3%, Japan Display screen maker increased by 2% with recorded gains in Murata Manufacturing as well as Alps Alpine.

Regardless of all the good tidings, there’s still the possibility that global economic factors could affect iPhone 11 sales as well as AAPL stock. Jim Suva, an analyst with Citi Research, has said in a report that even though his own sentiments are still considerably bullish, there is the expectation for “tariffs and broader global macro to weigh on iPhone unit sales in December.”

Furthermore, there are several reports about a screen defect on the new iPhone 11. Many users have complained even on Apple’s discussion platform, suggesting that the phone glass has mysterious scratches and smudges and is definitely not the “toughest glass in a smartphone” as advertised.

Apple is also rumored to be planning a much cheaper version of the iPhone 11 called the iPhone SE 2. A TF International Securities analyst, Ming-Chi Kuo, has said the new phone will be designed like the iPhone 8, but will pack the same power as the current iPhone 11.

Generally, Apple’s chance of ending the year extremely bullish looks like the most plausible turn of events for 2019.

The post appeared first on CoinSpeaker

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