Apple hits record high
Apple traded above its 2015 record close of $133 per shareafter two influential analysts touted the stock Monday. The Dow Jones also touched a new intraday high, as investors continue to believe that business-friendly tax reform will get passed this year.
Why investors like Apple: UBS analyst Steven Milunovich cites the underappreciated services segment — which includes revenue from the App store, iCloud, and iTunes, to name a few, as one reason to bid the stock higher: CEO Tim Cook promises to double revenue from services by 2020. Rumors of a radical redesign of the iPhone for the iPhone 8 release led Goldman Sachs analyst Simona Jankowski to raise her price target, on the expectation that upgrade volume will be strong.