Apple is trading in record territory.
Shares of the tech giant crossed the $233.47 level after a Wall Street analyst raised his price target on Friday morning, eclipsing the previous record set on Oct. 3, 2018. A close above $232.07 would be the highest on record.
“With the official launch of Apple TV+ just a few weeks away on November 1 the Street's focus is around gauging the consumer appetite for another content provider with Apple officially entering the ring with the likes of Netflix, Disney, and Hulu among others,” analyst Dan Ives wrote in a note to clients, in which he raised his price target from $245 to $265 a share.
“In our opinion with an installed base of ~900 million active iPhones worldwide we believe Apple has an opportunity to gain 100 million consumers on the streaming front in the next 3-4 years,” he said.
Last month, Apple rejoined Microsoft as the only U.S. companies to have a valuation of at least $1 trillion. On Aug. 2, 2018, Apple became the first U.S. company to cross the $1 trillion plateau before a sharp selloff into the end of the year erased nearly 40 percent of its value.
Apple’s stock has gained more than 48 percent this year, and is on track for its best year since 2010, according to data compiled by Dow Jones Market Data. It's strongest year on record was1998, when it gained 211.9 percent.
The tech giant is scheduled to report its fourth-quarter results after the closing bell on Oct. 30. Wall Street analysts are expecting earnings of $2.83 a share on revenue of $62.8 billion, according to IBES data compiled by Refinitiv.