Wednesday Oct 16 2024 06:23
4 min
Apple stock (AAPL) hit an all-time intraday high Tuesday as Wall Street analysts issued bullish outlooks on the stock ahead of the release of Apple Intelligence.
Apple stock reached $237.49 on Tuesday before paring gains, eclipsing its prior record of $237.23 on July 15. The stock's climb put it further ahead of Nvidia (NVDA) as the world's most valuable company after Nvidia's gains earlier in the week jeopardized the iPhone maker's lead.
Apple shares closed the trading day up 1.1% to $233.85. Meanwhile, Nvidia (NVDA) fell around 4.5% Tuesday amid trade tensions in the semiconductor sector. This milestone underscores the tech giant's sustained growth and investor optimism in its future prospects. Over the past year, Apple has seen its stock value increase by an impressive 32.41%, reflecting the company's strong financial performance, innovative product lineup, and robust consumer demand. The achievement of this all-time high serves as a testament to Apple's market dominance and its ability to consistently deliver value to its shareholders.
Analysts at Morgan Stanley (MS), Bernstein, and Evercore ISI have reiterated their Buy ratings on Apple stock this week. Positive preliminary iPhone shipment data posted by International Data Corporation (IDC) showed strong demand for Apple's previous smartphone models. Sales were also helped by Apple's rollout of the iPhone 16.
"Despite the staggered rollout of Apple Intelligence in markets outside the U.S., Apple will continue to grow in the upcoming holiday season," said Nabila Popal, IDC's data & analytics senior director, in a statement Monday. IDC data released Monday showed global iPhone shipments rising 3.5% in the third quarter from last year.
The news comes amid concerns over weak demand for Apple’s iPhone 16 lineup. Wall Street analysts initially interpreted shorter shipping times for the iPhones as an omen. The thinking was that if customers could easily get their hands on the new iPhones, then there was an oversupply of the phones available to purchase versus last year. But Morgan Stanley said in a note to investors Monday that Apple was simply better prepared for the iPhone 16 release than past launches.
Apple has announced the launch of its upgraded iPad mini, featuring a faster A17 Pro chip, expanded Apple Pencil Pro compatibility, and new color options. The device's improved performance is complemented by enhanced connectivity, with support for Wi-Fi 6E and 5G on cellular models. In line with Apple's environmental commitment, the new iPad mini is constructed with 100% recycled aluminum and other sustainable materials.
The new iPad mini will be available in four different colors and it will feature a 8.3-inch Liquid Retina display. The tablet is also equipped with a 12-megapixel wide back camera that supports Smart HDR and can detect and scan documents using machine learning. The prices will start with $499 for 128 gigabyte version.
"There is no other device in the world like iPad mini, beloved for its combination of powerful performance and versatility in our most ultraportable design," Apple's Vice President of Worldwide Product Marketing Bob Borchers said.
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