Shares in the company closed at $100.52, up $1.37, the highest price in the company’s history since September 2012 — before a seven-to-one stock split when shares traded at over $700. The company introduced the iPhone 5 at the time.
While investors worried last year that Apple had lost its momentum after sales of iPods and iPads started slowing, knocking shares down to $55 in April 2013, they’ve nearly doubled since.
That’s largely because buzz is building for the iPhone 6, out later this year, that is expected to feature a larger screen, and a potential iWatch, which would get the company into the growing wearables market.
Analysts estimate that there are around 200 million iPhone owners around the world who may upgrade to the new iPhone 6.
Others believe Apple could sell 70 million to 80 million new iPhones by the end of the year, besting previous iPhone launches.
Tuesday’s gains also follow a price target of $120 within the year from Morgan Stanley analyst Katy Huberty, saying much of the gains will come after the next version of the iPhone, Apple’s most profitable device is released.
Around 60 million iWatches could also be sold within the first year of release, Huberty said, with each priced at around $300.
“We see iWatch as an important barometer of the company’s innovation capabilities under the leadership of Tim Cook,” Huberty said.
Current iPhone sales already are taking off in newer markets for the company like China, India and Brazil.
The $3 billion acquisition of Beats Electronics and the Beats Music service also has only helped inject some more cool into the company, especially among younger consumers.