Apple has found its rhythm again.
Shares of the iPhone maker hit $133.82 in early trading on Monday, leaving Apple less than $1 off its intraday trading high of $134.54, reached in April 2015. The Apple shares ended the day at $133.29, surpassing their previous record closing price of $133, set in February. 2015
The increase in shares, pushing apple ( at a market cap of $700 billion, it comes amid renewed optimism for the iPhone. )
Goldman Sachs raised its price target for the stock on Monday, citing the likelihood that “major new features” such as “3D sensing” will be added to the next iPhone model, according to an investor note provided to CNNMoney.
Apple’s previous high was set six months after it launched the redesigned iPhone 6 and 6 Plus, kicking off what CEO Tim Cook described as the “mother of all updates.”
Since then, however, Apple has abandoned its tradition of revising the iPhone every two years. The newest models on the market today look almost identical to the iPhones available in late 2014.
The long wait, combined with this year marking the iPhone’s 10th anniversary, has only heightened expectations that Apple is about to significantly overhaul its smartphone lineup and reignite demand.
Related: Tim Cook: ‘Apple wouldn’t exist without immigration’
Apple’s annual sales fell in fiscal 2016 for the first time since 2001 as iPhone sales, still the majority of its business, declined for three straight quarters.
Apple even cut its CEO’s salary by 15% due to the company’s inability to meet its performance goals in both sales and profits.
But that losing streak just ended.
Apple’s sales started to grow again in the December quarter, driven by stronger iPhone demand, especially for the larger and more expensive iPhone 7 Plus.
The company sold 78.3 million iPhones during the quarter, setting a new record. At least some of this may be due to recall issues in Samsung smartphones.
William Blair analyst Mark Moskowitz wrote in an investor note this month: “Samsung’s Note 7 struggles likely helped.”
The iPhone isn’t the only reason Wall Street is excited about Apple. There is also President Trump.
Although Trump clashed with Apple on the campaign trail, investors are now optimistic that Apple will benefit from at least one of Trump’s proposals: lower taxes on the cash that American companies take back from their accounts in the foreigner
Apple currently has $230 billion in cash in foreign accounts. If Trump and Congress make it cheaper for Apple to return that money, it could be used for acquisitions and buybacks.
CNNMoney (New York) First published on February 13, 2017: 12:24 PM ET