Apple Shares hit Record close on Optimism for next iPhone

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Apple Inc. shares hit a record on optimism the next iPhone will drive a resurgence in sales and help the company’s services businesses grow.

The stock climbed less than 1% to $133.29 at the close in New York, the highest on record. The increase valued Apple at about $699 billion, making it the world’s most highly capitalized company. Google parent Alphabet Inc. is next at $573 billion, according to data compiled by Bloomberg.

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Analysts are predicting a further gain in Apple shares in the next year, based on the average 12-month target price of $142.58, according to data compiled by Bloomberg.

The intraday peak for the shares is $134.54, set in April 2015. The previous closing record was $133 in February of that year. The stock then dropped for more than a year on concern about waning smartphone industry growth and Apple’s prospects beyond the iPhone. However, the company recently reported stronger-than-expected iPhone sales during the key holiday quarter, helping the stock reach a new high.

While the iPhone 7, introduced in September, failed to convince as many existing customers to upgrade as its predecessor did, it succeeded in attracting new smartphone buyers to the Cupertino, California-based company. That bodes well for the next iPhone later this year, which is expected to be a more substantial upgrade, according to analysts.

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