Apple chief executive officer Tim Cook holds the Apple iPhone 17 Pro (left) and iPhone Air during an event in California last month. Photo: Bloomberg
Apple shares hit their first record of the year yesterday after Loop Capital upgraded the stock to buy from hold, becoming the latest firm to cite positive iPhone demand trends.
Shares rose as much as 3.1pc to $260.20 (€223.25) taking out an all-time high that had stood since December. Apple had been a high-profile underperformer among S&P 500 Index stocks for much of the year, down as much as 31pc at its worst point in April. But since then the iPhone maker has soared more than 50pc, finally turning positive for the year in late September.