Shares of Apple are at a new all-time high, following the company’s 7-1 stock split earlier this year. The company’s market cap, as a result, is now $663 billion (at the time of publication), far more than the last time we reported on a record high for Apple back in 2012, when its market cap topped $656 billion. Shares of Apple are currently trading at around $113 each.
The news shows that, despite fears of sinking iPad sales quarter-on-quarter and year-on-year, Wall Street and investors are still bullish on Apple and its ability to maintain its pace moving forward, particularly as it enters new product categories. Recent news suggests the company is still seeing increased demand for its new larger iPhone 6 and iPhone 6 Plus smartphones, and it’s set to launch the Apple Watch early next year, the firm’s first entrance into the wearable market.
Part of the boost may also be attributed to a new $120 per share price target set by Bernstein on Thursday, up from the company’s previous target of $110 per share. “The company’s strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, revenue growth, notable return on equity and expanding profit margins,” Bernstein said Thursday, according to The Street. “Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results.”