Share prices of Apple Inc. hit yet another record high during trading today, setting a new top mark of 143.80 by the time the market closed.
Apple shares were trading up nearly 3% on Tuesday thanks to an investor note from UBS analyst Steven Milunovich who predicts the stock price could shoot up past $200 in the next two to three years.
In his note, Milunovich says that getting to the $200 price point would require continued iPhone growth past the end of 2018. New product categories would also be needed as well as $50 billion worth of yearly share buybacks.
The most-likely scenario is that Apple stock hits $175, according to Milunovich. That’s would still be an impressive 22% growth for the massive company in just a few short years.
Apple’s introduction of the (RED) iPhone 7 and all-new iPad last week may have also helped shares rise. The stock has been on an upward swing for most of 2017 after mega-investor Warren Buffet’s firm, Berkshire Hathaway, revealed that it was taking a stake in the company. Berkshire Hathaway now owns more than 2% of all outstanding Apple shares.
Rumors of the iPhone 8 have also fueled growth for AAPL. The 10th anniversary edition of the iPhone could come with some hugely innovative features, including a new all-glass design, facial scanning, 3D sensors, wireless charging, better cameras and more. All the new innovations could trigger an avalanche of upgraders that are likely to make 2017 Apple’s most profitable year ever.