Shares of Apple rose just over 1% on Tuesday to a fresh record high of $230, eclipsing the previous record of $229.67 set on September 4.
Tuesday’s record comes almost exactly two months after Apple became the first American company to hit a $1 trillion valuation in public markets. A share price of $230 translates to a market capitalization of near $1.1 trillion.
In the weeks since crossing the $1 trillion milestone, Apple announced a slew of new iPhones including the flagship iPhone XS and the Apple Watch 4.
And while Apple Services – including the App Store, Subscriptions, Music and others the company skims a profit from – has been one of the biggest growth drivers in recent year, hardware could be making a come back, one Wall Street analyst said recently.
“Apple’s hardware business should be viewed as a recurring business versus a traditional transactional business,” Timothy Arcuri, an analyst at UBS, said after the recent iPhone event in September.
“Replacement for an iPhone is an iPhone. The smartphone market has reached saturation with little growth. Apple has established itself as a premium and aspirational brand. We see limited competition outside of certain emerging markets.”
Despite Arcuri’s bullish price target of $250, other Wall Street analysts think Apple may have peaked. The Wall Street consensus for Apple shares is at $233 – about 1.3% above Tuesday’s price.