Apple stock closed at a new 2013 high on Tuesday — rising 2.7 percent (or $15) over the course of the day to finish at $566.32.
For those keeping score, that’s the best close Apple’s stock has had since December 4, 2012, and means that the company is up by 6 percent so far this year — although still down on the $700 all time high which accompanied the iPhone 5.
The good news is likely driven by the strong holiday sales for Black Friday and Cyber Monday, along with the indicators suggesting that Apple has penned a deal with China Mobile.
UBS analyst Steven Milunovich has upgraded Apple shares from the “neutral” to “to buy” category and lifted his price target on the stock to $650 from $540.
“The imminent support of China Mobile along with NTT DoCoMo could aid the seasonally weak summer quarters [in 2014,” he wrote in a note to investors.
Luke Dormehl is a UK-based journalist and author, with a background working in documentary film for Channel 4 and the BBC. He is the author of The Formula: How Algorithms Solve All Our Problems, And Create More and The Apple Revolution, both published by Penguin/Random House. His tech writing has also appeared in Wired, Fast Company, Techmeme, and other publications. He'd like you a lot if you followed him on Twitter.