Apple shares are soaring to new heights this year. Kena Betancur/Corbis via Getty ImagesTopline: For the fifth time this month, Apple stock has hit a record high, with shares rallying thanks to optimism from Wall Street analysts, better-than-expected iPhone 11 sales and the imminent launch of the new Apple TV+ streaming service. Apple stock, which currently trades at $243 per share, is up over 50% so far this year and over 100% in the past three years; the company’s market value has reached nearly $1.1 trillion. On Tuesday, Morgan Stanley upgraded its price target for the stock to $289, citing estimates that Apple TV+, which launches next month, could generate $9 billion per year in revenue by 2025. Apple stock first broke its previous all-time high earlier this month, thanks in large part to increased optimism about trade negotiations with China—since the iPhone maker has long relied on China as a core manufacturing base.

Source: Forbes October 23, 2019 21:22 UTC