The tech giant’s shares soared above its all-time closing high of $132.54 in May 2015 to $133.55 on Monday, pushing its market cap to $712 billion, according to S&P Global’s Howard Silverblatt.
The new record comes after Goldman Sachs and UBS each sent client notes regarding the company’s growth.
In May 2016, Apple’s stock fell to $89.47 — a two-year low. But as of today the company helmed by Tim Cook has entirely regained those losses thanks in part to Berkshire Hathaway’s new stake in the company in 2016, and better-than-expected iPhone sales in the most recent quarter.
The price recovery was also buoyed by excitement surrounding the 2017 iPhone, colloquially dubbed the iPhone 8, as Goldman Sachs pointed out in its note Monday.
The banking giant pushed their 12-month price target on Apple from $133 to $150 on expectations that the new iPhone model will include motion sensor technology and augmented reality, among other major upgrades.
Although the iPhone represents over 60% of Apple’s revenue, UBS choose to focus on the company’s growing service business.
The bank noted Monday that Apple’s “services currently contribute profit greater than all non-iPhone segments combined.”
However, despite the stock’s meteoric rise since starting in the early 2000s, Apple’s returns have been beaten by two other S&P 500 stocks in the past 15 years: Monster Beverage Corp., which has gained 50,253%, and Netflix, which has gained 12,034%. Apple has only risen 7,377% in the past decade and a half.