Apple stock price has reached new levels this week following a trading rally.
This is not the first time when Apple blows away all the market expectations. The iPhone maker is one of the most popular stocks in the world and the largest by revenue. But, is this justified or is the share price about to go through a correction?
Keep reading to find out why Apple stock price reached new all-time highs this week and where you can invest in it right now.
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What Is Apple?
Apple is an American tech company that specialises in computer software and consumer electronics. It is the largest company in the world by revenues and the world’s most valuable company.
Should I Buy Apple Today?
Apple’s stock price broke the record close of $151.12 set earlier this month and reached $153.12 at the time of writing. The trading rally was supported by recent news. For instance, there are rumours that the new iPhone to be released in late September will be able to support satellite communications.
Apple’s share price rally was further encouraged by beating the Wall Street expectations in the quarter ending in June, reporting a record high revenue of $81.4 billion. Also, Google’s parent company may pay Apple $15 billion this year to remain Apple’s default search engine – which is a massive increase from the estimated $10 billion in 2020.
But, with a price-to-earnings ratio of 29.7x, is Apple’s share price rally justified? Indeed, Apple comes with impressive financial performance, but the viability of this price may depend on whether the company is able to live up to investors’ expectations and continue its growth.
Apple Price Prediction 2021
Last year’s earnings growth registered an increase of 55%. For the next 12 months, the share price is expected to reach an all-time high of $190. Analysts’ low estimations reach $90 for the same period.