The shares of Apple Inc. are up by 2% earlier today, reaching another record high for the third consecutive week. Analysts believe that the stock will rally even higher in the second half of the year as the company makes some improvements.
Apple’s Shares Rally At Pre-Market Trading Session
The shares of Apple Inc. are up by over 2% at Thursday’s pre-market trading session. Following this rally, APPL is trading close to the $150 mark per share. The rally was a result of the tech giant announced plans to boost iPhone production over the coming months.
According to the report, Apple has asked its suppliers to increase the production of its next-generation iPhones by 20%. The boost in production is expected to come despite Apple describing 2020 as a Super Cycle that was driven by 5G models offering consumers access to the improved, faster wireless networks.
AAPL Could Experience Massive Growth In Second Half Of The Year
AAPL is now up by over 15% since the start of the year. Its market cap of $2.5 trillion makes it the most valuable company in the world. Jim Suva, a senior tech analyst at Citigroup, said Apple’s current valuation is fair and might likely not expand.
However, he expects the company to experience an increase in revenue and sales. As such, the expected increase in Apple’s stock price will come from the increase in revenue and sales over the coming months.
Loup Ventures’ co-founder and managing partner Gene Munster is of the opinion that Apple’s stock will rally higher in the coming months. he stated that “ultimately that I think the best days are still ahead of the company, whether it’s 5G, augmented reality, what they’re going to do in health care and transportation and other additional services.”
The growth recorded by Apple in various aspects of its business could see its stock price reach $200 by the end of 2021, Munster added. He is predicting a 40% increase in the stock price over the coming months.
Munster predicted earlier this year that he thinks Apple will be the top performer amongst the FAANG stocks. However, with Google up by 44% year-to-date, Munster doesn’t see that happening. He still believes Apple will be a top-performing stock by the end of 2021.