Yahoo Finance is tracking Apple (AAPL) as the tech giant’s stock sits just shy of its all-time high. Apple shares are less than a dollar from its record close of $133 hit in February 2015.
So what’s driving the stock? It’s a combination of a few major factors. First, it seems like investors aren’t as worried as they once were that Trump’s presidency could be a headwind for the tech giant. That coupled with strong first-quarter earnings and speculation of Apple’s next product cycle is pushing the stock higher.
Apple announced record iPhone sales in the first quarter, selling a total of 78.3 million. In terms of what’s next for the iPhone, MacRumors cited a note from KCI Securities analyst Ming-Chi Kuo that said wireless charging will be included in Apple’s rumored three new iPhones. The note also said Apple’s iPhone 8 will have a new 3D Touch module.
The hype surrounding the upcoming product cycle is prompting bullish calls on Wall Street. Bank of America raised its price target on the stock to $145 from $140 on anticipation that a robust cycle on the next iPhone iteration will drive growth. Canaccord Genuity analyst Michael Walkley lifted his price target to $154 from $142, saying “we believe Apple will extend its leading market share of the premium-tier smartphone market installed base during 2017.”
For more on Apple’s plans for its new iPhones, check out the Final Round, live Friday at 4 p.m. EST, right here on Yahoo Finance.
