Apple Inc. shares closed at a record high Friday in a sign of optimism for the smartphone industry’s ability to withstand the COVID-19 crisis.
Apple AAPL, +2.84% shares added 2.9% in the session to close the day at $331.50. This marked the first record closing high since Feb. 12, when shares finished at $327.20, and the 11th overall record close this year, according to FactSet data.
“With roughly 350 million ...iPhones in the pent up ‘window of an upgrade opportunity,’ we believe [Apple] has a unique opportunity to capture this delayed supercycle opportunity with a major 5G cycle on the horizon which will include a host of new smartphone versions/models for iPhone 12,” Wedbush analyst Daniel Ives wrote late Thursday while increasing his price target to $375 from $350 and maintaining an outperform rating.
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