SAN FRANCISCO Feb 14 Apple Inc shares
hit an intraday record high on Tuesday for the first time almost
two years as investors raised bets that a 10th anniversary
iPhone will boost lackluster sales.
The stock was up 1.2 percent at $134.90 at midday, beating
its previous intraday high of $134.54 set on April 28, 2015.
The S&P 500's largest component has climbed 50
percent from lows in the first half of last year and is up 16
percent so far in 2017, with many investors betting that Apple
will mark the iPhone's 10th anniversary with a dramatically
Many on Wall Street also believe that strong sales of the
iPhone 6S two years ago have left a larger-than-normal base of
customers ready to upgrade.
The Cupertino, California, company reported strong
December-quarter results on Jan. 31. Although it gave a cautious
outlook for the current quarter, Wall Street expects revenue to
grow this year after sinking nearly 8 percent in fiscal 2016.
Apple's stock recently traded at 14.3 times expected
earnings, the highest level since April 2015 and significantly
higher than the average price-earnings ratio of 12 over the past
five years, according to Thomson Reuters Datastream.
(Reporting by Noel Randewich; Editing by Lisa Von Ahn)