Apple stock is hitting its highest value in history — and could be poised to surge a whole lot higher.
After analysts at Raymond James raised their price target to $280, AAPL rose 2% to start the week strongly. It is currently trading at $240.51. However, Piper Jaffray chief market technician Craig Johnson thinks it could well rocket past $300.
Speaking on CNBC‘s “Trading Nation,” Johnson said that Apple’s current stock surge “trend looks great.” He continued that:
“The stock has just broken out to new all-time highs, and in fact when you look at the size of the consolidation it just broke out of and you do a measurement on it, you can certainly argue for a price objective that, purely based on the charts, [takes you] north of $300 so I’d still be a buyer of Apple in here.”
Hitting a price target of $300 a share would mean a 25% boost from Apple’s current price. It’s certainly looking more achievable. Recently, Apple recaptured its $1 trillion valuation and hit its best ever share price.
Having climbed 52%, Apple is the best Dow performer this year. While concerns about China haven’t gone away, there’s less volatility in Apple stock as the iPhone now makes up less than 50% of Apple’s revenue. That diversification means that it is less reliant on one superstar product.
It’s worth noting that, while $240 is Apple’s best ever valuation, the shares have hit as high as $705 each. However, this was before Apple’s stock split 7-to-1 in 2014. If Apple stock hadn’t split that would theoretically mean those stocks would now be trading at $1,680.