Apple Inc (NASDAQ:AAPL) shares climbed again as the US Santa rally pushed the Palo Alto-based iPhone maker to a new all-time high and within touching distance of US$200 a pop.
US stock markets soared last night on the Federal Reserve’s signal that interest rates will start to come down, sending tech stocks on another tear.
Apple is now worth US$3.1 trillion having added more than 6% to its value in the last month alone.
Earlier this week, analysts predicted Apple would be the first company to have a value of more than US$4 trillion.
Expectations of resilient demand in America and China, as hundreds of millions of iPhones are upgraded, should buoy the stock, Wedbush analysts said.
Coupled with a lack of negative revisions from Apple following the release of the iPhone 15 in September, the bank argued a widespread bearish stance was wrong.
“We believe the ‘growth demise story’ of Apple being spun by bears is a dynamic we have seen constantly over the past decade and this is just another chapter in that book,” Wedbush said.