Apple's Stock Returns To Record Territory First Time In 2 Years

By Tomi Kilgore Markets MarketWatch Pulse

Apple Inc.'s stock returned Monday to record highs for the first time in two years, extending a run of gains following fiscal first-quarter results and after an upbeat research note from Goldman Sachs. The previous record close was $133.00 on Feb. 23, 2015. From there, the stock had tumbled as much as 32% to a near two-year low of $90.34 on May 12, 2016, and has soared 48% since then. The stock has surged 9.8% since Apple reported strong results after the Jan. 31 close, dispelling fears of slowing iPhone sales. On Monday, Goldman Sachs raised its stock price target to $150, which is 13% above current levels from $133, citing "increased confidence" that "major new features" would boost sales of new iPhones. The stock has soared 23% over the past three months, while the Dow Jones Industrial Average has gained 8.3%.

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