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The Stock Of Apple Is At All-Time Highs Ahead Of Wwdc Plus The Headset Reveal

June 5, 2023
minute read

Shares of Apple Inc. are poised to reach a new record high as the tech giant continues its trajectory as a dominant force in the consumer-electronics industry. In morning trading on Monday, Apple's stock (AAPL, 1.30%) has risen 1.6% to reach $183.75. To establish a new all-time closing high, the stock needs to finish above its previous closing level of $182.01 achieved on January 3, 2022. Today, it has already surpassed its previous record intraday level of $182.94, reaching as high as $183.86, according to Dow Jones Market Data.

Despite enduring challenges related to the pandemic-induced supply disruptions and spending pressures impacting its customer base, Apple has demonstrated resilience and the market appears confident in its ability to thrive amid consumer budget constraints. Analysts have even commented that Apple's high-end iPhones, priced at $1,000 or more, have become essential purchases.

Anticipation is building for the next chapter in Apple's journey, with expectations for the company to unveil a mixed-reality headset at its WWDC developer event. This move represents Apple's foray into a category that has yet to gain significant mainstream traction.

The potential achievement of a new share-price milestone aligns with a strong year for major tech companies. Apple's stock has surged by 41% in 2023, while Microsoft Corp. (MSFT, 0.60%) and Alphabet Inc. (GOOG, 1.52%; GOOGL, 1.53%) have both seen their shares rise by 40% and 41%, respectively. Amazon.com Inc. (AMZN, 0.46%) has experienced a 47% gain, and Meta Platforms Inc. (META, -0.06%) has had a remarkable surge of 125%. In comparison, the S&P 500 has only seen a 12% increase this year.

Analysts remain optimistic about Apple's prospects. One analyst commented on the company's fair valuation compared to other consumer and tech companies, noting the potential for the stock to gradually rise. Fiscal 2023 estimates are deemed secure, and the impending debut of Apple's headset adds to the positive sentiment.

Another analyst, Amit Daryanani from Evercore ISI, raised his price target on Apple's stock to $210 from $190, highlighting three emerging areas for the company that could generate revenue exceeding $10 billion in the coming years.

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Eric Ng
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Eric Ng
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John Liu
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