Apple hits record high, extends market value above $1 trillion
- Shares of Apple climbed more than 2% on Friday to an all-time high of $235.20, extending the company's market value above the $1 trillion threshold.
- The rally came as President Trump signaled positive developments in US-China trade negotiations, which could help Apple's iPhone sales in Asia if a deal is made.
- Several Wall Street firms have boosted Apple's price target in recent weeks amid stronger-than-expected demand for iPhones in China.
- Watch Apple trade live on Markets Insider.
Apple's stock traded more than 2% higher on Friday, hitting a record and extending the company's market value beyond the vaunted $1 trillion threshold.
The latest surge in Apple shares came as President Trump issued encouraging signs around the US-China trade negotiations.
The Chinese market has become increasingly important for Apple's iPhone sales, and the company reportedly asked suppliers to increase production of its most recent slate of phones by as much as 10% - or 8 million units - amid stronger-than-expected demand.
Wall Street has issued a number of price upgrades for Apple is recent weeks based on the uptick in demand for the new iPhones.
Here are some of the firms that have either increased price targets or reiterated bullish ratings on Apple in recent weeks:
- Wedbush: Boosted price target to $265 from $245
- Nomura: Increased PT to $205, up from $185
- Canaccord Genuity: Bumped PT to $260, up from $240
- Longbow Research: Upgraded to "buy" and established a $260 PT
- Piper Jaffray: Reiterated $243 PT and "overweight" rating
According to Wedbush analyst Daniel Ives, the Chinese market is likely the catalyst for the increase in orders for iPhone 11 models.
"Despite all the perceived black clouds from being the poster child of the current US/China trade tensions, Apple is seeing a very strong iPhone 11 demand trajectory," Ives wrote in a note to clients on Friday.
Shares of Apple are up almost 50% year-to-date.