Apple shares rose to their highest price in its history on Friday, as it jumped 1.5% after reports were released that detailed the upcoming release of the new iPhone.
Apple analyst Ming-Chi Kuo said in a note last Thursday that the company might release a high tier new iPhone, completely wireless at the beginning of 2021. The product will rely on wireless charging for its power source and will be a new way for the company to differenciate its more expensive phones from the rest of its versions.
Kuo, which is well known with accurate expectations from the company, expects Apple a to put out a budget-friendly iPhone in the first half of 2020. This lower-priced model would be similar to the iPhone 8 version with a 4.7-inch LCD screen, according to the analyst. Apple hasn’t released a budget smartphone to everyone since 2016 with $400 for iPhone SE. Such an update would give the company a wider range of new iPhone prices than ever before.
Apple is expected to unveil its first range of iPhones that can reach its fifth generation in the fall of 2020.
The stock jump followed the US jobs report last Friday, which exceeded expectations. The country’s economy added 266,000 nonfarm payrolls in November, higher than the 185,000 job expectations that economists had put forward. The data also pushed the unemployment rate in the USA to a historical decrease of 3.5%.
The positive labor market update drove almost all of the three major US indexes up 1%. Also, the boom that occurred on Friday increases the strength of the Apple website as the most valuable company in the world. Apple was also the first company to publicly trade its shares to break the $1,000,000,000,000 market threshold, and set the record in August 2018.
The company traded at $269.39 per share at 11:40 am, at a rate of about 71% up year to date.
Apple has 27 “buy” ratings, 14 “hold” ratings, and 7 “sell” ratings from analysts, with the target consensus price of $260.27, according to Bloomberg data.