Shares of Apple hit a new 52-week high Thursday morning as they passed $577 by a quarter. Apple’s share price fell earlier this year to a low of $385.10 as the company appeared to be stalling on releasing new products, though those fears were mostly quelled when the company finally released its new iPhones and iPad products this fall.
The company still has a way to go to hit its peak, however, but the new rise comes as one UBS analyst upgrades Apple to a “buy” with a new $650 share price target.
Apple became the world’s most valuable company in 2012 when shares passed through the $663 mark (on its way to more than $700) giving the company a market cap of more than $621 billion. Industry pundits aren’t sure whether it will hit that mark again anytime soon, though it certainly appears to be climbing in that direction.
Several pundits suggest Apple needs to continue to innovate, though CEO Tim Cook has said that his firm will enter new product categories next year. A possible iTV is one avenue the company could take, though the most likely venture seems to be some sort of wearable such as the iWatch. At the time this article was written shares of Apple came back down to $571.46 but were still up 1.14 percent on the day.