Apple stock hits another record high, could grow further 20% this year

Tim Cook at the iPhone 11 Pro event
Tim Cook at the iPhone 11 Pro event (Image credit: Apple)

What you need to know

  • Apple's market cap has hit another all time high valuation of $1.09 trillion
  • AAPL closed at $240.51, up 1.73% on Monday.
  • One outlet predicts shares could climb another 20% this year on the back of strong iPhone 11 sales

Apple's shares have achieved another all-time-high, as Apple's market cap reached $1.09 trillion at close of play on Monday, October 21. Trading closed with AAPL sitting at $240.51, having climbed 1.73% to set a new record.

As reported by International Business Times, the new benchmark marks the latest achievement of a stunning 2019 in which shares have grown by more than 40 percent in the first three quarters of 2019. IBT also notes that Apple's stock has rallied like this on six other previous occsassions, each time the growth has continued right through to the end of Q4 of each respective year.

With that in mind, the report suggests that AAPL could climb by a further 20% this year, buoyed by strong iPhone 11 performance.

There's also another prediction Apple's shares might jump another 20 percent this year on strong iPhone 11 sales. The vote of confidence in Apple by independent investment bank and financial services company Raymond James Financial was a factor in the spike in Apple's stock Monday.Raymond James boosted its price target on Apple's shares to $280 from $250, and Apple's stock price responded by closing at a $240.51 while outpacing the rest of Wall Street.Climbing to the heights predicted by Raymond James, however, means Apple shares will have to jump another $40, or 14 percent to hit the $280 target. It's tough but doable given Apple's trading history over the past two decades, said analysts.

Apple's strong 2019 performance has been backed up in recent weeks by global reports of strong interest in the iPhone 11. Undoubtedly, shares will move significantly next week following Apple's Q4 2019 earnings call on October 30.

Stephen Warwick
News Editor

Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.

Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9