Apple To Rise On iPhone Release
Trade12 | Mar 29, 2017 03:01PM ET
Shares of Apple (NASDAQ:AAPL) are now projected to hit $200 in the coming weeks in anticipation of the iPhone 8 launch and the recently released red iPhone 7 and 7 Plus. It recently surpassed a previous record where the company’s market capitalization hit $700 billion last February and now stands at a market cap of $755 billion.
Apple Introduces Special RED iPhone
Last week, Apple announced that the company would be releasing an iPhone 7 and iPhone 7 Plus RED Special Edition, which will commemorate the company’s ten-year partnership with RED.
For every sale of the vibrant red aluminum finish iPhone version, Apple would be donating an unspecified amount to the Global Fund that helps combat AIDS all over the world. The special edition iPhone was made available for pre-order last Friday and is now set to roll out in stores worldwide this week.
According to Apple CEO Tim Cook, the company’s partnership with RED, which started 10 years ago, first started to make an impact through the release of the original iPod nano Red Special Edition. “The introduction of this special edition iPhone in a gorgeous red finish is our biggest (PRODUCT) RED offering to date in celebration of our partnership with (RED), and we can’t wait to get it into customers’ hands.” Cook added.
Apple is currently the world’s largest corporate donor to the RED Global Fund, which has contributed more than $130 million throughout the entirety of their partnership. The organization currently focuses on providing life-saving ARV medication in Africa, which helps stop HIV-positive mothers from transferring the virus to their unborn babies.
The iPhone 7 and 7 Plus, which is currently Apple’s top of the line and most advanced iPhones to date, has been received positively by the public following its release and has been commended for its advanced camera systems that allows the user to take high definition photos under harsh or low light conditions.
Stock Movement
On Tuesday, Apple’s stock price hit a new high at $143.80 up by 2.07% from the previous session climbing up from $115.82. Tuesday’s record was also 1.7% higher than the March 20 record of $141.46 and is recorded to be the fifth record close this March and 11th this year. Analysts have forecasted that Apple shares are now set to rise by 40% over the year or the next two years should the next iPhone drive growth as much as the iPhone 7 did. Analysts also stated that the stock is not set to hit $175 before the year ends, which is 21% higher than the current level.
Apple shares have exploded since the company reported better-than-expected earnings results after the close last January 31 where shares have risen 19% since then. Aside from the iPhone, Apple’s other products such as the Apple Watch and the Air Pods is projected to drive strong growth by 20% next year, while its services business including the AppStore and Apple Music, has driven a high revenue for the company during the past quarter.
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