Core strength! Apple shares hit record high
TECHNOLOGY giant Apple saw its share price rise to a record high yesterday, topping the previous price of $100.30 per share at $100.53 on market close.
The two-year high comes as the company prepares to launch more gadgets in the coming months, including a new iPhone and a wearable device, dubbed the iWatch. A payments service is also widely expected before the end of the year.
Apple shares rose 1.4 per cent to end at $100.53, a closing record high when adjusted for the stock’s June seven-for-one stock split.
However, some analysts have questioned whether the rise should be seen as a vote of confidence in the group’s chief executive, Tim Cook, or simply a share price rally ahead of the launch of new products.
A Morgan Stanley note to clients yesterday suggested a price target of $110 for the tech behemoth, citing a strong management team and high expected sales of the iWatch.