Shares of Apple (NASDAQ:AAPL) climbed to a record high on Wednesday, following bullish analyst commentary and reports of substantially higher iPhone production rates. As of 2 p.m. EDT, the stock’s price was up more than 2%, which placed Apple’s market capitalization at a staggering $2.5 trillion.
The tech titan is striving to manufacture as many as 90 million of its newest iPhones this year, according to Bloomberg. Apple is reportedly preparing to boost shipments by 20% compared to 2020’s levels.
Apple is expected to debut its latest-generation iPhones in September. Upgraded processors, displays, and cameras should all help to add to the device’s allure among consumers.
Meanwhile, analyst Samik Chatterjee added Apple to J.P. Morgan’s “focus list” on Wednesday. Chatterjee sees Apple’s shares reaching $175, fueled by higher iPhone and Mac sales. If he’s correct, shareholders could enjoy gains of roughly 17% from the stock’s current price near $149.
Apple is in the midst of a 5G-fueled iPhone supercycle. The fifth-generation wireless technology promises to provide users with blazingly fast download speeds and enable a host of advanced technologies.
Surging iPhone sales are also boosting demand for Apple’s steadily expanding array of services. These high-margin revenue streams, in turn, are helping to fuel the company’s stunning earnings growth. Investors — excited about the prospect of even greater profits ahead — are bidding up the tech giant’s shares to new all-time highs today.
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