Apple’s stock hit a new intraday trading high of $685.50 a share on Thursday, inching closer to becoming a member of the elite $700 stock club.
The company’s stock closed up 1.4% on Wednesday and has continued to rise following the buzz from the iPhone 5 event on Wednesday. Several analysts have upped their price targets for the company’s stock, driven in part by Apple’s plans to launch the latest iPhone in dozens of countries before the end of the September quarter. One analyst from FBN Securities raised the price target to $1,000 from $800 a share.
It’s unusual to see Apple’s stock spike following an iPhone announcement. In the past few years, the stock typically rises in the week leading up to the announcement, but then drops in the days after.
Apple stock closed the day at $683.09, beating their previous all-time closing high of $680.44 on Sept. 7. Apple’s market cap is now more than $640 billion.
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