Shares of American multinational technology giant company, Apple, Inc. (NASDAQ: AAPL) has hit all-time highs during intraday trade, lengthening gains after having two years deprived of a new high. Shares of Apple hit highs of 136.62, but slowly trimmed down back to 136.24, as of 12:30pm EST.
According to CNBC, Tuesday’s gains come after Morgan Stanley on Tuesday reiterated its “overweight” rating on the stock, citing the iPhone as a driver for sales and earnings later this year. The firm raised its Apple price target to $154 a share from $150, a 13.5 percent upside from Friday’s close. U.S. markets were closed Monday for Presidents Day. Shares of Apple are up 18 percent for the year so far, versus the S&P 500’s roughly 5.5 percent gain over that time.
Take a look back at Apple’s most recent provided guidance for its fiscal 2017 second quarter:
- revenue between $51.5 billion and $53.5 billion
- gross margin between 38 percent and 39 percent
- operating expenses between $6.5 billion and $6.6 billion
- other income/(expense) of $400 million
- tax rate of 26 percent
“We’re thrilled to report that our holiday quarter results generated Apple’s highest quarterly revenue ever, and broke multiple records along the way. We sold more iPhones than ever before and set all-time revenue records for iPhone, Services, Mac and Apple Watch,” said Tim Cook, Apple’s CEO. “Revenue from Services grew strongly over last year, led by record customer activity on the App Store, and we are very excited about the products in our pipeline.”