Apple (AAPL) stock climbed above its previous record of $351.74 on Wednesday, November 4, with shares quoted at $352.22 in trading. The move valued Apple at about $5.12 trillion, according to Investing.com. The reported price was an intraday quote, not a closing figure.
Apple stock has gained 30.02% over the past year. Its advance followed Apple’s latest earnings release, new product announcements and several changes to Wall Street price targets.
Apple Stock Moves Beyond Previous Peak
Apple’s rally reversed part of Tuesday’s decline, when the shares closed at $331.90 following concerns about rising costs. Wednesday’s quote showed a gain exceeding 6%. The rebound followed last week’s MacBook Pro announcement.
Apple introduced the redesigned laptop on October 28, adding touchscreen controls, updated processors and an OLED display. The company opened preorders that day and set November 6 as the retail release date. Shares finished lower on the announcement day.
Quarterly Revenue Rises as Costs Increase
Apple reported fiscal fourth-quarter revenue of $114.5 billion, up 12% from a year earlier. Earnings reached $2.10 per share, while iPhone sales set a September-quarter record. The company reported annual revenue of approximately $479 billion. Services revenue also reached a new record, while Mac sales grew 24%.
Its manufacturing purchase commitments increased by $33 billion to $89.7 billion during the September quarter. Apple expects higher memory prices to affect its December-quarter results. It forecast a gross margin of 45% to 46%, compared with 47.9% in September. December-quarter revenue is expected to grow 7% to 10% from last year.
Analysts Raise and Lower Apple Targets
Bernstein raised its Apple stock price target from $370 to $380, citing potential demand for AI services and market share gains in phones and computers. However, the firm trimmed its earnings estimates for fiscal 2027 and 2028. Bernstein maintained its Outperform rating.
Evercore ISI kept its $380 target and Outperform rating. Wedbush maintained its $400 target, pointing to Apple’s sales outlook. DA Davidson increased its target to $295, while JPMorgan lowered its estimate to $355 because of concerns about services revenue and margins.
Separately, the New York Stock Exchange announced additional partners for its planned tokenized stock trading platform. The exchange has not named Apple as a planned listing on that platform.
